My Cadillac lease is up in 2yrs but I filed Bankruptcy..what now?

 I have a Cadillac CTS that I love. When I got it 2 years ago leased, I had no idea that I would experience financial trouble because of medical bills. Since that time the bankruptcy that I filed has been closed. I was so overwhelmed with medical bills at the time that I never thought about my getting another leased vehicle or what the bankruptcy would do to me in two years. I also never thought about what monies would be owed in two years after lease was up.
 
Now I,m worried because myself and my two kids will definitely need a car in two years come lease end. I have heard all sorts of stories about how I will never be allowed to lease again from Cadillac, how I will never get a new car again even if its not a Cadillac or how I am basically up the creek. Then in the same breath, people are telling me that all thats a lot fo bunk. Don't get me wrong..my credit is taking a beating now, but some folks say that its really up to the dealership and how they want to approach. The only serious advice I got was in two years, watch out for the predators who prey on people who have filed bankruptcy.
 
I was allowed to keep my Cadillac in the Bankruptcy because it was leased and I continued to pay my note and I was never behind, so Cadillac/GMAC was very nice to me as far as that goes. No repo man, no threatening notices or anything like that. But if I could hear from anybody out there who may have experienced this situation and the end results, that would give me some type of head start on the issue.
 
 

You will still probably be able to lease another car.  Your monthly payments may be higher due to higher interest rate because of your history.  Good luck.

Thank you so much. I know that most here are probably in good standing with Cadillac still, but I appreciate your response. I too thought I would always have good credit, but things happen and everybody needs a little help now and then. Thanks again.

quote:

ORIGINAL: 6ftladycop

 I have a Cadillac CTS that I love. When I got it 2 years ago leased, I had no idea that I would experience financial trouble because of medical bills. Since that time the bankruptcy that I filed has been closed. I was so overwhelmed with medical bills at the time that I never thought about my getting another leased vehicle or what the bankruptcy would do to me in two years. I also never thought about what monies would be owed in two years after lease was up.

Now I,m worried because myself and my two kids will definitely need a car in two years come lease end. I have heard all sorts of stories about how I will never be allowed to lease again from Cadillac, how I will never get a new car again even if its not a Cadillac or how I am basically up the creek. Then in the same breath, people are telling me that all thats a lot fo bunk. Don't get me wrong..my credit is taking a beating now, but some folks say that its really up to the dealership and how they want to approach. The only serious advice I got was in two years, watch out for the predators who prey on people who have filed bankruptcy.

I was allowed to keep my Cadillac in the Bankruptcy because it was leased and I continued to pay my note and I was never behind, so Cadillac/GMAC was very nice to me as far as that goes. No repo man, no threatening notices or anything like that. But if I could hear from anybody out there who may have experienced this situation and the end results, that would give me some type of head start on the issue.

6ftladycop........hang tight......no worries.........because you kept your car in good standing with GMAC, you will be able to lease again.......GMAC would rather lease a car to you than finance one for you...so you'll need to lease...... they may hit you a little in interest, because of your credit score, and the BK, but none the less you'll be ok.....that is if your are employed, and are able to make the payments, per your income to debt ratio, at your current lease end........they might want you to show POI (proof of income) so......???? maybe your finance man at dealership will work with you......
try not to exceed the allowed miles on your current lease....if i remember its .18 per mi...that is if you go over, and will have to be rolled into next lease, unless you pay for them, at end...........non payed medicals on your credit aren't looked on as bad as other  non payments...ie credit cards, etc....so really, you won't have a problem........again you'll need the income....... i only speak from 33 yrs in the business, at a GM store......i'd be getting you done, no problem.....you and your children will be fine
rickyd

    Two years is an eternity in the financial world.  Keep your nose clean (as in paying bills on time) and a lease in two years should be no problem.  
Keep records (as in paid checks) for rent and in two years a new home mortgage is not out of the question.  Good Luck!

Now that is what I like hearing. I appreciate both of you responding to me with such positive attitudes. At first I started not to get any credit again, anything again that involved loans, credit cars etc but you have shown me that If I wait two years to do any of these things and I keep my end of the bargain with paying on time all that I have left, I should fair pretty good. Thanks again for the advice.