How to Assume a Defaulted Lease in Chapter 13 Bankruptcy
People sometimes lease cars or apartments and then default on them. Normally, default leads to repossession and eviction proceedings, but chapter 13 bankruptcy can provide an alternative: assuming the defaulted lease. Assuming a lease allows lessees (debtors in this case) to keep using whatever they’re leasing by curing the default and resuming the payments. The …
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