No. of Recommendations: 0
It looks like they've already made some changes. They live in an inexpensive apartment, etc. but the wanting to keep credit cards open and a (guessing) $500+/month lease on a 30K vehicle is not a good sign. There are penalties for early turn-ins, but in the long run it would be better for them to turn it in, pay the penalty and pay cash for a much less expensive car.

If they file for a bankruptcy but somehow keep the car, they still have to give it up at the end of the leasing period and either hope to have the cash ready to buy it off or cross their fingers that Ford will give them a loan for another lease.

With a bankruptcy, they might not accept another lease application - the best they could hope for is to buy under a "special financing" (translation: insanely high interest rates) program.
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