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Author:   Anonymous in BC Date:   August 27, 1999 Question:   Do you know what happens when I declare bankruptcy and am leasing a vehicle? Will GMAC reposes my vehicle if the payments are up to date? Also, how does bankruptcy affect my incorporated company in BC? The incorporated company has no major assets, maybe $1000.00 in tools. Do I report the income I draw from the inc company? Or do I have to provide complete corporate financial statements?   From:   Shane Brenneis, Collins Barrow Limited Date:   August 31, 1999 Answer:   What happens to a leased vehicle depends on who the leasor is. GMAC has been very cooperative in the past if the person is up to date with their payments. You will have to report the income you draw from the company. Also, it is highly likely your Trustee will want to see financial statements from the company in order to assess the value. Talking to the Trustee at the time of your assessment will clarify what they need. You should contact a Trustee in your area by looking in the yellow pages under "Bankruptcy" to obtain a free assessment of your financial situation. Shane Brenneis phone: (403) 298-1575 sbrenneis@collinsbarrow.com