This Is So Off the Charts but here goes...
 

I recently got downsized. I have been leasing a Cadillac CTS for the past 2yrs and never had a problem paying my note but after the income loss, I wondered what I could do. I am sure I will receive a severence package along with unemployment, so I intend to make my payments for as long as I can but if anybody here could tell me if they have ever had this experience and when the money runs out, I may have to file a chapter 7. What happens to the lease agreement if I file Chapter 7 and I kept up with the payments?:eek:

RE: This Is So Off the Charts but here goes...
 

chapter 7 ?

i think you are getting ahead of yourself. easy easy. at any case, unless the judge is
a total a****e, you can keep certain liens Off the chapter 7 or 13, as long as you are
paying them on time. these are usually "secured liens".

remember, BK is to NOT pay what you owe. if you dont owe, dont go there.
ahhh, a lease you owe the whole darn amount but if you defaul on the car loan,
they take the car, if you dont default, hopefully they let you keep the car. does your
lease have a "default of other creditors" clause ? read the 26% thing below.

BTW, if you assets exceed the liabilties, you do NOT want to file chapter 7, simply
cuz you have more value than you owe.... IMO#1.

IMO#2,
if it gets really bad, pay the basics, stop paying the junk stuff specially if you have little or
no liquid assets and no job - dig in w/o BK. either way, your credit would go to pot. BTW,
the moment the credit card companies OR lenders find this out OR the moment you miss a single
payment, EVERY CARD bank company will raise the rates to 26%+++ and try to roast you into
paying them 1st -- GUARANTEED! one way they clean you out, the other way you hang on for
dear life. ohh, move your cash and keep in mind that if you do get a job, they can attach wages,
got a house? get an equity loan yesterday!
the greater your liabilties vs your assets, the better you can work this out. remember Trump?

one more?
should you decide to hang on for dear life long term, you stop owing the money exactly
4 years AFTER you pay the last $ .. read this carefully .. AFTER you give them a single $1.
AFTER YOU GIVE THEM A SINGLE $, FOR ANY REASON.
if on year 3 you give a creditor a small payment, even $1, just to get them off your back,
guess what? the clock just go reset to day 1 and another 4 years to go.

what i say there, is for unsecured loans only - secured loan lenders just come by and
take the security, loan sharks come along and break knee caps.

arent you glad you asked?

wait, the small print disclaimer -
this is not legal advice and you should consult legal councel to review the consequences of any actions of default.


now .. do me a favor?
take the poll, you wrote a comment but judging by yoru name,
you forgot to check the box for the poll.

https://www.cadillacforum.com/fb.asp?m=9425

RE: This Is So Off the Charts but here goes...
 

A lease car is not owned by you...... If you can continue to make the payments....you keep the car till lease end. How far alone are you? ( in the lease). You may want to try and get into a buy before the BK, and own a vehicle. IF you file while in the lease; think what it will be like to try and get a vehicle. BIG interest, and they pick!! If you are having trouble, talk to GMAC...they usually work with you, as long as you keep them informed.
Good luck
rickyd

RE: This Is So Off the Charts but here goes...
 

try swapalease.com
or google lease exchange for more sites! good luck!

RE: This Is So Off the Charts but here goes...
 

do not type in swapawife.com

RE: This Is So Off the Charts but here goes...
 

i did ...

http://www.youtube.com/watch?v=pqw7_g4s5xY