work truck lease: Bankruptcy Alberta

Posted on Wednesday, April 16, 2008

can i keep my leased work truck as it is neccesary for my job as a contractor and my only vehicle, i do not own any vehicle at all, the lease is in its early stages and i deem a worthy modest business expense going forward,also i have no means to buy a cheap used truck if i return the truck to the leasing company,i\'m considering bankruptcy or a proposal. also if i go bankrupt and return the truck can i lease another truck right away AFTER bankruptcy

Labels: bankruptcy

1 Comments:

At 8:21 AM, Barton Goth, GCO, Bankruptcy Trustees said…

Firstly, if you want to keep the leased vehicle it is not up to the trustee it is up to the leasing company. Typically they have no problem with that, but you need to confirm that with them directly.

Second, the ability to lease another vehicle after bankrutpcy. This is technically possible, but again it is up to each individual leasing company, and immediately after bankrutpcy it will more difficult for you to find a leasor who will be willing to lend. Now it is possible, but typically the interest rate is quite a bit higher as you are now perceived as more risky.