@Anonymous wrote:
A friend has talked to a lawyer about chapter 7 and was told he qualified to file. The only thing he can't decide on is which, if any of his vehicles to keep and reaffirm the debt on. His lawyer said she couldn't really help make that decision for him so he's on the fence.
He has two vehicles: 2016 Hyundai with 2 years left on a lease. The payment is around $400 per month. The other is an old Chevy truck. It's an '06 or '07 with over 100k miles. It's on a convential loan, and he still owes 9k on it. The payment on that one is around $200 per month. He kind of wants to keep the newer car for obvious reasons, but he's afraid that once the lease is over he won't be able to finance the residual so he can keep from turning it in. I'm not sure exactly how that all works, so I'm no help either.
I'm hoping someone here has been in a similar situation and may offer some guidance, or opinions on the matter.
Thanks
A $400 lease on a Hyundai seems pretty steep . . not sure I'd be fighting to keep this since it's only a lease.
If the truck is still worth what he owes and the interest rate is decent, I'd consider keeping it. He might not have to reaffirm, however. You can often keep a vehicle if you keep making the payments. (then if for any reason you decide you DO want to bail on it, give it back without consequences) His lawyer could confirm if that's an option for him.
