Benefits under Chapter 7: Keeping Your Vehicle Lease
If you file a Chapter 7 case and write off your other debts, will you want to keep your vehicle lease? You can if you're current on it now.
Business Leases Recharacterized
A business leases may not be a true lease but rather recharacterized as a secured purchase, giving you significant power over the creditor.
Business Leases of Personal Property
With business leases you have the same options in bankruptcy as with consumer leases: to "assume" or "reject" the lease.
The Difference between a True Lease and a Secured Purchase
To determine whether a "lease" is actually a disguised secured purchase the bankruptcy court looks at the deal's economic substance.
Leases that Are Actually Secured Purchases
A "lease" of furniture or other consumer goods may actually be a disguised purchase. If so, through "cramdown" you can pay much less on it.
Personal Property Leases in Bankruptcy
Leases of consumer goods--furniture, appliances, electronics--are like vehicle leases: you can "accept" or "reject" them.
Leaving My Rental after Filing Chapter 7 Bankruptcy
Chapter 7 bankruptcy gives you serious advantages for getting out of a residential lease--advantages in money, time, and peace of mind.