Must Disclose All Vehicles According To Aurora Bankruptcy Lawyer

Disclose All Vehicles

We must account for vehicles within a bankruptcy case. We need to know what it’s worth and what is owe. There lies the equity. Youre going to have people who come in and they’ve got a paid off Harley-Davidson motorcycle worth $20,000 and theyve got all this credit card debt and they want to get out of debt. Well, youre going to give up the Harley to the trustee in exchange for the debt, which they never want to do.

Financed vs. Leased Vehicles

A little distinguishing thing is between a financed vehicle and the leased vehicle. We want to know if it’s a leased vehicle. This is going to be more important for Chapter 13 purposes but just keep in mind, we want to know if its leased or not. Leases used to be more popular. We dont see too many leases anymore.

Bottom Line for Aurora Residents and Beyond

They have to list the vehicle, even if its paid. We need to know about any vehicle that they have. Any vehicle that they have an interest in; if they cosigned with their daughter or their sister. The sister might own or drive the car. The sister might even pay for the car but you know what, if they are still on the documentation for it, they are an owner. And we need to know about it.

More vehicle information is available at Aurora Bankruptcy Lawyer or call (847) 520-8100.

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