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Just Other Articles - Can I Keep My Leased Car if I Go Bankrupt?
In many areas of Canada and the United States, a car is the only reliable means of transportation. If you l
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ive in a big city you can take public transit, but if you live outside of a city a car is often the only way
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
to get to work each day.
This can become a big problem if you get into financial difficulty and decide to g
This can become a big problem if you get into financial difficulty and decide to g
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
bankrupt. Will you lose a leased car in the event of bankruptcy?
In most cases, the answ
In most cases, the answ
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
r is that no, you will not lose your leased car if you go bankrupt. In most cases you can keep your leased
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
car, provided you continue making your lease payments each month.
There are two important factors to consi
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
er.
First, most standard leases today contain an insolvency clause. The insolvency clause says that in the
First, most standard leases today contain an insolvency clause. The insolvency clause says that in the
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
event of bankruptcy, the lender can repossess the car, whether or not your payments are up to date. Most le
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ders would prefer to continue to receive monthly payments; they don't want the car. However, it is possible
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
that if you have a history of late or missed payments, the lender may prefer to seize the car.
I recommend
I recommend
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
that before you go bankrupt you get advice from your bankruptcy trustee or bankruptcy attorney about how to
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
eal with your particular lender.
Second, you should decide for yourself whether keeping the car makes sense
Second, you should decide for yourself whether keeping the car makes sense
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
financially. You are going bankrupt because you have more debt than you can afford to pay. That may mean t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
hat your monthly expenses are too high. By surrendering the car you eliminate your monthly lease payments,
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
hich may make it easier for you to get back on track financially.
Of course once you surrender your car, yo
Of course once you surrender your car, yo
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
no longer have a car. If the vehicle was necessary for work or other purposes, you must now find a replace
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ent. I suggest you contact friends and family to see if they can lend you a car, or perhaps help you buy a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
cheaper used car. Buying an "old junker" is sometimes the best short-term answer until you are back on your
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
eet financially.
The rules regarding cars are different across the country, so you should review your situa
The rules regarding cars are different across the country, so you should review your situa
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ion with your financial advisor before deciding whether to keep or surrender your vehicle if you go bankrupt
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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