Reafirm Furniture from Wells Fargo Credit??

[tika]

Oh and we live about 2 hours away from Houston/Gallery Furniture too.

[tika]

I just found this...

Can They Still Take My Computer, Jewelry, or Furniture After Bankruptcy?

Maybe. It all depends on whether there is an enforceable security agreement between you and the lender concerning the collateral. In most cases, either the security agreement is not enforceable, and even if enforceable, it is simply not economically viable to repossess the assets and make a profit.

The most common situations debtors experience in a Bankruptcy are where they might have purchased jewelry at a jewelry store, electronics at an electronics store, furniture at a furniture store, etc. In those situations, Daniels Jewelers, Circuit City, Best Buy, Jeromes, Wells Fargo, etc., usually threaten to repossess the property despite a bankruptcy, unless the debtor “reaffirms” the contract with them. A reaffirmation agreement essentially removes the debt from bankruptcy and makes the debtor liable again.But if no reaffirmation agreement is executed and the debtor still has the merchandise, what are the odds that that the merchandise will really be repossessed?

Slim to None! I have filed over 5000 bankruptcy petitions since 1995 and have never seen this happen, despite thousand of threats over the years, and which I continue to receive each day. The main reason is that the property to be recovered will never turn a profit back to the creditor after a later sale.

First of all, to get the property back, the debtor must be sued, unless the debtor unknowingly and voluntarily gives the property back. To sue, requires paying additional money for an attorney and court filing fees in most cases. Upon a successful lawsuit, a writ of attachment usually must then be give to the local sheriff’s office for execution. Once the sheriff serves the writ, the next step is getting it from the debtor assuming they still have it. Assuming the debtor has it and the sheriff gets the property back to the creditor, the creditor must now rehab the used goods into marketable condition and sell for a profit. Hmmmm, lets put this tall order in action.

Purchase a DELL computer for $4000, which is top of the line. 1 year later a bankruptcy is filed when value has now depreciated to $2000. Assuming Dell immediately sues for possession and wins, paying attorney fees and costs, they now expended over $1000 to repossess the used computer, but which has now depreciated even further since it took 6 to 12 months for the lawsuit. Dell then attempts to sell the computer and receives $500. So in the forgoing case, Dell would have created a net $500 loss for simply pursuing the property($1000 attorney fees spent less $500 money received). And this assumes the property even can be sold and in a timely fashion in the first place.

Moreover, depending upon the laws of your state, the creditor may not have a security interest in the property to start with. Where I practice in California, the sales receipt on its face must disclose that there is a security interest, it must be signed by the debtor, and it must sufficiently describe the merchandise. Miss any of the forging and pursuit of a security interest would subject the creditor to debt collection violations under California and Federal Laws. Whenever, we see an American General, Best Buy, Daniel’s Jewelers, or other similar creditors attempt to repossess a security interest after Bankruptcy, we bring suit against those creditors for unlawful debt collection practices.

[tika]

Do not reaffirm it, tell them to come get it. You can always get more and the chances they will come get it are less than 1%. You can also tell them you sold it all but the one piece and its soiled from your incontinence as a result of all they stress they have caused you....LOL

Never reaffirm anything that is worthless now or in the future!!! There is no reason to pay for something you no longer have that has a value of $150.

Now is you one chance to be free from the debt and you can always get another nicer couch for a lot less than one year of $20 a month payments.

Your lawyer shouldn't have even asked, its a no brainer....just say NO to bad furniture!

Thanks a lot for your reply, I did call my lawyer and told them I am not reafirming it, she asked me should I tell them to come get it? I said were not going to tell them to come get it willingly, and we'll take our chance if they come or not but I feel confident they wont, not for 1 piece and where they going to stire used furniture anyway....we'll see what happens.

[sisterfunkhaus]

They most likely not going to come and get used furniture. What would they do with it? who would they sell it to in this economy?