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Will file chapter 7 - what about spouse on leased vehicle?

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Frequent Contributor

Will file chapter 7 - what about spouse on leased vehicle?

Have first meeting with attorney scheduled for Feb 18. I know the attorney will answer my questions but feel I will get an answer sooner on the forum. I am married. The only joint loan I have with my spouse is a leased 2016 Honda Pilot. The plan is to surrender this vehicle as the payment is killing us. We have a  second vehicle that is financed only in my name. The mortgage is only in my name but deeded in both our names. I’m current on the mortgage and both car payments. We intend to keep the house and other vehicle and pay for them. Will my spouse have to file with me since he’s on the lease? All the credit cards are only in my name. Literally the leased vehicle is only joint loan. My guess is if he doesn’t then Honda can come after him for the default?  Amex just filed suit on me for defaulting on over $17k so time is of the essence. They will get a judgement and no way we can afford to pay them and everything else. We will be including about $80k in unsecured debt. Loss of job and priority became keeping a roof over our head, food on the table and the heat and lights on so we had to let the credit cards go. We can manage with one vehicle but desperately need relief. Long story to ask a simple question about the leased vehicle lol. Thanks for reading and looking forward to hearing from people who have been in a similar situation. 

AmEx Platinum, AmEx Premiere Rewards Gold, USAA AmEx $14k, USAA World Class MasterCard $13k, AmEx Everyday $10k, Lowe's $10k, Citi Simplicity $9800, Sam's Club MC $8k,Chase Freedom $4.5k, Amazon $5,000 Barclays Visa with Apple Rewards $5000, Wells Fargo Platinum $1750k, Capitol One Quick Silver $5750k, Home Depot $5k, BP Visa $1500, TU 606, EQ 587, EX 607. Gardening since Dec 2015
Message 1 of 10
9 REPLIES 9
Regular Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

They will hold your spouse responsible for anything that is joint.
Message 2 of 10
Frequent Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

That’s what I thought. It doesn’t make sense to surrender the other vehicle. That one is a purchase vehicle and payment is half of the lease payment. 

AmEx Platinum, AmEx Premiere Rewards Gold, USAA AmEx $14k, USAA World Class MasterCard $13k, AmEx Everyday $10k, Lowe's $10k, Citi Simplicity $9800, Sam's Club MC $8k,Chase Freedom $4.5k, Amazon $5,000 Barclays Visa with Apple Rewards $5000, Wells Fargo Platinum $1750k, Capitol One Quick Silver $5750k, Home Depot $5k, BP Visa $1500, TU 606, EQ 587, EX 607. Gardening since Dec 2015
Message 3 of 10
Regular Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

Yeah, I understand. Just keep in mind that having one spouse with good credit is better than no spouse with good credit. So, that may factor into the decision the two of you make but if your spouse doesnt file and you stop paying your spouse will still owe something. Both of you will have to do whatever makes sense for your life going forward.
Message 4 of 10
Frequent Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

He doesn’t have great credit. I did and that’s why most everything is in my name. He has some old stuff that he might as well include so we both can get a fresh start and rebuild together. Have equity in other vehicle. Just hope they let us keep it. I can’t believe they would make us give back both cars. We need to be able to get to work!  That car payment is under $400 so is affordable. 

AmEx Platinum, AmEx Premiere Rewards Gold, USAA AmEx $14k, USAA World Class MasterCard $13k, AmEx Everyday $10k, Lowe's $10k, Citi Simplicity $9800, Sam's Club MC $8k,Chase Freedom $4.5k, Amazon $5,000 Barclays Visa with Apple Rewards $5000, Wells Fargo Platinum $1750k, Capitol One Quick Silver $5750k, Home Depot $5k, BP Visa $1500, TU 606, EQ 587, EX 607. Gardening since Dec 2015
Message 5 of 10
Regular Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

How much equity in the other vehicle?
Message 6 of 10
Frequent Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

Around $5k

AmEx Platinum, AmEx Premiere Rewards Gold, USAA AmEx $14k, USAA World Class MasterCard $13k, AmEx Everyday $10k, Lowe's $10k, Citi Simplicity $9800, Sam's Club MC $8k,Chase Freedom $4.5k, Amazon $5,000 Barclays Visa with Apple Rewards $5000, Wells Fargo Platinum $1750k, Capitol One Quick Silver $5750k, Home Depot $5k, BP Visa $1500, TU 606, EQ 587, EX 607. Gardening since Dec 2015
Message 7 of 10
Frequent Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

It’s between $3-5k. Depends on which site you check. 

AmEx Platinum, AmEx Premiere Rewards Gold, USAA AmEx $14k, USAA World Class MasterCard $13k, AmEx Everyday $10k, Lowe's $10k, Citi Simplicity $9800, Sam's Club MC $8k,Chase Freedom $4.5k, Amazon $5,000 Barclays Visa with Apple Rewards $5000, Wells Fargo Platinum $1750k, Capitol One Quick Silver $5750k, Home Depot $5k, BP Visa $1500, TU 606, EQ 587, EX 607. Gardening since Dec 2015
Message 8 of 10
Valued Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

Answer also can change depending on community property (depending on state) 

 

 

All Cosignors /  Join still 100% responsible unless they file

 

Are you 'Judgement Proof' where they can win a judgement - but cannot execute it on anything?   

 

i.e.   Amex wins 17K  lawsuit obtains a judgement - 

Do you have equity on home they can lein against?    that wouldn't be exempt?

 

Worried about wages being garnished? 

 

You can always BUY TIME WITH MOTIONS 

 

 

 

 




Message 9 of 10
Frequent Contributor

Re: Will file chapter 7 - what about spouse on leased vehicle?

I am not judgement proof. They can garnish wages and put a lien on our house since it’s a joint debt.
AmEx Platinum, AmEx Premiere Rewards Gold, USAA AmEx $14k, USAA World Class MasterCard $13k, AmEx Everyday $10k, Lowe's $10k, Citi Simplicity $9800, Sam's Club MC $8k,Chase Freedom $4.5k, Amazon $5,000 Barclays Visa with Apple Rewards $5000, Wells Fargo Platinum $1750k, Capitol One Quick Silver $5750k, Home Depot $5k, BP Visa $1500, TU 606, EQ 587, EX 607. Gardening since Dec 2015
Message 10 of 10