Questions

[helphelp]

I filed Chapter 7 early this month. My 341 meeting is scheduled on the 14th of January. I have a questions about something I see on PACER.

1.) American Express has filed a notice of appearance. Is this standard procedure for them?? My case is labeled a No asset case according to the information on PACER, so are they going to show up and contest this? Any thoughts on this?

2.) I listed by reaffirmed some furniture I purchased a couple years ago. When the furniture company sent me the reaffirmation agreement they listed the full amount of what is owed on the furniture. The lawyer stated earlier that I would list what the furniture is worth at its present state and pay that back. I owe $885 and listed the furniture being worth $400 right now (two twin headboards, one night stand and one chest of drawers). When I asked my attorney this, she said to just cross through the amounts on the reaffirmation agreement and send it back. I am confused here. Why would the furniture company not send me a reaffirmation agreement at the price I listed? Does this mean if they don't agree with what I listed they will come pick up the furniture?

3.) I am doing the 722 redemption on my car. I bought a car in 2004 at 18% interested and had payments of close to 700 a month (I have paid to date over what the car was prior to financing and an additional 5K and the redemption company says my car is worth 8k right now and that is what will be financed through them) . I paid current on this up until this month. With the redemption I will still have the same length of time to repay (another 3 years) and the payment will be just over $400. Which is going to save me a great deal of money. Does anyone have any history on here about the redemption process and if some finance companies are easier to work with and some that are not. My car is through Chrysler Financial.

Any advice insight would be most appreciated. I am a nervous wreck right now over all of this.

Thanks!

[magyar123]

Can't answer #s 2 & 3.
As far as American Express is concerned - they are real hardassed when someone files on their "precious" cards. Expect a GITMO type interrogation from them. They are real p.....s.

[kiddles]

It seems to vary with AmEx - we filed on 2 of their cards - total balance together of over $35K. Never heard a word from them once we filed (they were calling 10 times a day!). No notice of appearance, no one at 34 - nothing.

[busbis]

I have my meeting on 1/8. I also filed earlier this month. I know I shouldn't check pacer often, but I can't help it. It cost me .18 for what I look at and it just gives me piece of mind. But on mine it states I have 1 notice of appearance from one mortgage company (who holds my primary which I plan to keep and a vacation home that I plan to surrender). I also have a notice of appearance and request of notices from another mortgage company who I plan on surrendering the property on. I have 2 claims filed so far (one being the same mtg company but on 2 unsecured claims for a unsecured loan and a visa) and the other on my vehicle. AMEX is my big unsecured, but as of yet, they have not filed for anything...could I be so lucky (I doubt it...lol). I believe the notice of appearence just means that someone will be representing the creditor. It makes sense for the mortgage companies whom I plan on surrendering the property to be at mine because I'm sure they will have questions, but I would have no idea why AMEX would even want to be there. That would certainly make me nervous. I will keep you posted if I hear from them. My meeting is coming up and I am sooooooo nervous!

[busbis]

look at this thread by HHM.

http://www.bkforum.com/showthread.php?t=20078

[Lindsay]

We are in default on our American Express credit card ($10,000 balance). We have barely heard anything from them. They gave the account to a collection agency quickly and I don't hear much from them. They may be one of the numbers calling daily, but they never have left a message on our machine.

Is there anything like a recent balance transfer or luxury purchase that they want clarification on?

[chpxiii]

1.) American Express has filed a notice of appearance. Is this standard procedure for them?? My case is labeled a No asset case according to the information on PACER, so are they going to show up and contest this? Any thoughts on this?

This just means that AMEX wants to be notified of any activity on your case.

2.) I listed by reaffirmed some furniture I purchased a couple years ago. When the furniture company sent me the reaffirmation agreement they listed the full amount of what is owed on the furniture. The lawyer stated earlier that I would list what the furniture is worth at its present state and pay that back. I owe $885 and listed the furniture being worth $400 right now (two twin headboards, one night stand and one chest of drawers). When I asked my attorney this, she said to just cross through the amounts on the reaffirmation agreement and send it back. I am confused here. Why would the furniture company not send me a reaffirmation agreement at the price I listed? Does this mean if they don't agree with what I listed they will come pick up the furniture?

I don't know why they would do this, but from what I understand you can simply ignore the reaffirmation agreement. They do that because they know that some people will reaffirm, even though they don't need to. Like I said, if my understanding is correct.

You didn't say if your attorney wanted you to sign the affirmation agreement. I am assuming not. With her telling you to cross out the amount (and maybe not signing?) you're telling them you're not reaffirming.

I wouldn't reaffirm on furniture. I don't remember doing that, but then I did file chapter 13 and my furniture got paid off that way.

I'm sorry I don't have an answer to your question #3.

[rrockinggramma]

We used 722 for our truck in our chapter 7. Basically, you will just make your payments to them (US Bank?) and they will send you a new coupon book etc. They will pay off your other lender the 8 K and then the rest is discharged in your chapter 7. You just have to make your payments on the new loan. As to the furniture, I would never have reaffirmed that loan. Sounds like your attorney is doing a cram down to FMV with the difference discharged in the BK. I wouldn't sign anything and let your attorney deal with them. I would have made them come after your furniture after your discharge, with a Writ of Replevin in hand (would have cost them way more than the 400 for your furniture.)