abandonment of property by creditor

[aachudneymiles]

when can you consider property abandon by creditor so i can sell or give away ..

I have a washer and dryer front loader in storage I want to sell i am discharged next month.. if after like say a month from discharge they dont come or make any arrangements when can i sell it how would i have proof it was abandon by the creditor...

[magyar123]

Did you get the washer/dryer through in-store credit or did you get them by charging them on a garden variety, MC, Visa, Discovercard , credit card? If you got them through in-store credit - did they ever file an objection to the discharge? If you are already past the 60 day period during which creditors can file objections to the dischargeability of debts, then those items are yours to keep and do whatever you want to. If you charged it on your Visa, MC, or Discovercard its yours too. They don't want an old washer/dryer.

[aachudneymiles]

Did you get the washer/dryer through in-store credit or did you get them by charging them on a garden variety, MC, Visa, Discovercard , credit card? If you got them through in-store credit - did they ever file an objection to the discharge? If you are already past the 60 day period during which creditors can file objections to the dischargeability of debts, then those items are yours to keep and do whatever you want to. If you charged it on your Visa, MC, or Discovercard its yours too. They don't want an old washer/dryer.

it was secured.in store.. my case get discharged in feb ..

[aachudneymiles]

when can you consider property abandon by creditor so i can sell or give away ..

I have a washer and dryer front loader in storage I want to sell i am discharged next month.. if after like say a month from discharge they dont come or make any arrangements when can i sell it how would i have proof it was abandon by the creditor...

/bump anyone?

[no_it_all]

If you are already past the 60 day period during which creditors can file objections to the dischargeability of debts, then those items are yours to keep and do whatever you want to.

Not true. You are confusing two different things. Discharging a debt has no bearing on the security interest of the property.
Automobile loans are discharge every day, but you don't get to keep your car. Same with a washer and dryer or furniture or a bunch of other items...

In this case, it is probably moot, I doubt a creditor will want to hire a truck and two guys to move out an old washer and dryer...

[HHM]

You could probably consider the property abandoned when the statue of limitations expires for the purchase/lending agreement.

It is true that liens survive the BK, but if the creditor takes no action to recover the liened property, you would have a good argument that if the SOL expired on the contract, then so has the lien. In most states, the general contract SOL is 4-6 years (but you would have to look up the SOL in your state.

[aachudneymiles]

You could probably consider the property abandoned when the statue of limitations expires for the purchase/lending agreement.

It is true that liens survive the BK, but if the creditor takes no action to recover the liened property, you would have a good argument that if the SOL expired on the contract, then so has the lien. In most states, the general contract SOL is 4-6 years (but you would have to look up the SOL in your state.

urgg I was afraid of that. well guess I will just hold on to this stuff until the cows come home ..
would it but regular Texas SOL (Item got in texas) or is there a special SOL for contracts?
Thank you

[HHM]

Honestly, you don't have to worry too much about this.

It is so VERY VERY rare to have consumer products repo'd. There is no reliable used market for these types of items (unlike with cars), thus, creditors rarely repo the items. Sure, they may threaten to do so, but in the end, they are blowing hot air.