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Financing for furniture after a Ch 7?

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  • Financing for furniture after a Ch 7?

    Is it hard to get financing for furniture after a Ch 7? Ours just discharged about a month ago. We haven't bought any furniture in over ten years and its about time to replace some things.

    Thanks!

  • #2
    I hope this doesn't come across the wrong way, because I'm really just trying to offer some advice.

    I read a few of the threads you started, and it sounds like this is your 2nd bankruptcy. I think seeking out financing for furniture right after this discharge is a bad financial move. Ten years isn't that long for furniture. Lots of people keep furniture for a lot longer.

    I suggest saving the money and paying cash for new furniture. The feeling will be really rewarding.

    Comment


    • #3
      I had to buy some new bedroom furniture and also new mattress after BK. I didn't even bother trying to finance b/c I didnt think i would get approved anywhere. What I did was ask the furniture and mattress stores if they would do a layaway plan for me....i found 2 places that did and that's how I paid. I gave them estimates that I could probably pay it over 6 months or so and I actually paid them quicker than that. I know it's a pain to pay and pay & wait til it's all paid off before you get the product....but at least i didnt get my credit scores damaged more by applying all over the place and maybe getting denied. And it wasnt fun sleeping on a mattress w/ springs sticking into my back but I just did what I had to and it actually felt good when all was paid off and I got my stuff...and I actually owned it free and clear with no interest payments or chance of being late.

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      • #4
        If your furniture is that bad, buy some second hand for cash at a garage sale or thrift shop. New furniture is a total rip off and you don't want to be in debt over something for something like that.

        Comment


        • #5
          Thank you to all of you.

          Jenny, first BK or fiftieth, it's irrelevent. My question wasn't Should I? or Is it wise? It was, is it hard to get the financing?

          I appreciate the suggestions from all to buy used, or to save and buy outright. I've been there and done both. Yes it is rewarding. But we have to rebuild our credit somehow anyway. And we were just considering the possibility of furniture since we need some anyway.

          Thanks again...

          Comment


          • #6
            I realize you don't want advice, but I'd like to offer some friendly suggestions, anyway. First, furniture is one of the worst things you can put on credit. I know, I've done it (LOL). Furniture has almost NO value, as we all know, when listing our assets. Instead of ever buying any furniture and paying for it in a store, from now on I plan to buy good used furniture from someone who needs to get rid of some.
            If you look around, you can find great bargains.
            Instead of building your credit with furniture, why not get a gasoline charge card or a credit card with a small credit balance that you pay off each month and build credit that way?
            Just a suggestion, mind you. If you have to have furniture, go for it. Just remember that the value plummets the second you walk out of the store with it.
            Filed Chapter 7, 8/16/05, 341 10/12/05
            Discharged 2/16/06, Case Closed 3/8/06
            FICA Score (Equifax) as of 10/13/06 - 645
            (It was 506 on 10/12/05)

            Comment


            • #7
              Furniture is like jewelry in a sense.

              The people who sell for a fair price don't finance.

              The people who finance don't sell for a fair price.

              You can buy diamond engagement rings from on-line Vendors for about half what they cost in a jewelry store. Same quality diamond. Same designer setting. But on-line diamond Vendors work on very little mark-up and don't offer financing. They don't have to maintain a store front for you to come in and look. Their inventory isn't on a loan structured consignment from another Vendor. They don't have to pay sales people salaries to stand there for hours on end doing nothing. etc, etc, etc.

              Or you can walk into a local jewelry store, put down nothing or next to nothing, walk out with the same ring, and pay in payments for it. Not counting interest, the price of the ring will be at least double from the start. Because the jeweler bought the same diamond from the same on-line diamond Vendor. Another hand in the process adds mark-up. The jeweler has perties in the case for you to look at that they don't own. They get them on consignment and pay "interest" to the real owner every month they have the piece. Plus lights, plus A/C, plus property taxes, plus sale people's salaries, plus location costs (high profile street or mall location), plus, plus, plus. The local jeweler can make their whole month's profit off one good ring sale.
              Filed Ch 7 - 09/06
              Discharged - 12/2006
              Officially Declared No Asset - 03/2007
              Closed - 04/2007

              I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

              Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

              Comment


              • #8
                Originally posted by skyan
                Jenny, first BK or fiftieth, it's irrelevent. My question wasn't Should I? or Is it wise? It was, is it hard to get the financing?

                I appreciate the suggestions from all to buy used, or to save and buy outright. I've been there and done both. Yes it is rewarding. But we have to rebuild our credit somehow anyway. And we were just considering the possibility of furniture since we need some anyway.
                I can't help it, I have to respond...in another post from a while back explaining why you need to file BK you say this:

                But circumstances beyond our control happened, AGAIN. So it really was out of our hands. Only now I am afraid that if we file now.... what happens if there's another life disaster that causes more debt? We can't keep filing. We don't want to. None of our debts were non necessities.
                Yet here you are asking how soon you can finance new furniture? Buying brand new furniture on credit because your furniture is ten years old is not a "life disaster" or a necessity or a circumstance beyond your control. You will never own a home or have financial security if you can't see the difference between your wants and your needs. I am not trying to be mean but I read through some of your posts after seeing this thread and I was pretty shocked. You are like a person coming out of gastric bypass surgery asking when it's okay to eat a gallon of ice cream. They say a person who wants to keep weight off permanently has to change their whole way of thinking about food and eating. I feel like you need to change your whole way of thinking about money and spending because it is seriously messed up. You and your husband need to find a class or at least read a book, or something.

                Comment


                • #9
                  Many folks coming right out of bankruptcy are very concerned in getting their credit score back up again. Possible to buy a new home, auto, etc in the future. Or just to insure they have credit available should an emergency come up in the future.

                  They can raise this score by always being current on utitlities, rent, house payment, auto payments, and 1 or 2 credit card payments. THEY DO NO HAVE TO GO INTO DEBT TO RAISE THEIR CREDIT SCORE.

                  Some people are more interested in how much they can spend now that they are debt free again....... BAD MISTAKE.....

                  EVERYBODY HAS THE "I WANT THAT'S".............. we just have to be realistic to what we really need and what we can really afford!! Everybody likes brand new - me included!!!

                  I take my "I want that's" and think overnite about it - it then becomes "do I need this?" and I think about it overnite again.
                  Many, many, many times I end up not getting something because:
                  1. I really didn't need it - just really "like" it.....
                  2. I decided I didn't like it as well as I thought I did....
                  3. I had lost that "urge to spend".....

                  Some folks come out of bankrutpcy and get themselves right back into overwhelming debt within a year after being discharged.
                  1. They fail to remember what put them into financial stress the first time.
                  2. They don't change their spending habits.
                  3. They don't plan on that "rainy day" that pops up unexpectedly.
                  4. They still try to live on a "beer pocketbook" with "champagne taste".

                  Claiming bankruptcy will solve the financial problem on a temp basis. Changing your lifestyle and being more responsible in your spending habits will change how you handle money the rest of your life.

                  Medical crisis, job loss throw us into bankrutpcy. But "over induligence" can also.....

                  Planning a debt free life is just as important as planning your career. They all have their purpose and place in our lives.
                  Last edited by Minnymouth; 03-22-2006, 01:00 PM.
                  Minny

                  "It's amazing the paths that our feet sometimes follow in life".

                  My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.

                  Comment


                  • #10
                    Originally posted by Pinktiger
                    I realize you don't want advice, but I'd like to offer some friendly suggestions, anyway. First, furniture is one of the worst things you can put on credit. I know, I've done it (LOL). Furniture has almost NO value, as we all know, when listing our assets. Instead of ever buying any furniture and paying for it in a store, from now on I plan to buy good used furniture from someone who needs to get rid of some.
                    If you look around, you can find great bargains.
                    Instead of building your credit with furniture, why not get a gasoline charge card or a credit card with a small credit balance that you pay off each month and build credit that way?
                    Just a suggestion, mind you. If you have to have furniture, go for it. Just remember that the value plummets the second you walk out of the store with it.
                    I agree. Its about as bad as swiping a new big screen tv on a credit card. Personally, I would rather take a trip to las vegas on my credit cards before I went and charged myself up with furniture.

                    Comment

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