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FAQ

Will I Lose my Leased Motor Vehicle in a Chapter 7 Bankruptcy?

Posted by Stefen K. Shamberg | Mar 16, 2023

When leasing you have no ownership interest in the motor vehicle.  So if you are current on your payments and have appropriate insurance coverage you will typically be able to retain the car despite filing for Chapter 7 Bankruptcy protection. 

However, if the lease is not affordable, you can alternatively opt to surrender the vehicle and then Discharge any remaining balance due to the leasing company.

About the Author

Stefen K. Shamberg
Stefen K. Shamberg

Originally from the Cleveland area, Stefen was principally raised in Mansfield, Ohio.  Upon graduating from high school he attended Kent State University obtaining a Bachelor of Arts Degree, majoring in Political Science.  Interested in the legal profession from an early age, he subsequently earn...

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