Will I be Able to Keep My Leased Car During Bankruptcy?


The answer is yes. However, certain conditions are going to apply. If the leasing company agrees, you can keep a leased vehicle if you continue to make your lease payments.  Many leasing agreements contain a clause that states that “in the event of insolvency, the leasing company can terminate the lease, and repossess the vehicle”. Legally, they can repossess the vehicle, but they usually prefer to get ongoing lease payments. Your leasing company is a secured creditor and they will hold your car as security.  If you are experiencing financial issues, it could be because your expenses are too high each month. We highly recommend that you speak with a Licensed Insolvency Trustee for some advice.



If you are overwhelmed with a financial crisis, J.P. Graci & Associates Ltd can help! Call us now at 519-753-7361.



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