Is furniture, laptop, camera secured debt?

[ecsclb1724]

I'm looking at my paperwork and it asks to list secured debts such as furniture? My furniture is a year and a half old, they're not going to want it are they? Or my laptop that's 8 months old?

[justbroke]

It depends on how you purchased them. If you paid for them with a department store card (Rooms To Go, Best Buy, Home Depot, Jennifer Convertibles, etc), then they most likely are secured.

If you purchased them with a VISA, MasterCard, American Express, or similar type card, they are not secured.

[ecsclb1724]

yeah I paid them with Ashley's Furniture, Best Buy, and Dell. They're really going to want old furniture that's been peed on, dog slobbered, eye liner written on?

[justbroke]

yeah I paid them with Ashley's Furniture, Best Buy, and Dell. They're really going to want old furniture that's been peed on, dog slobbered, eye liner written on?

No, but they do have a valid lien (known as a purchase money security interest or PMSI). You can redeem (pay the current value for them), reaffirm (not a good idea at all!), or surrender (return them).

Most people will put, on their intentions, to surrender the items. Then they'll just wait it out to see how much the creditor really wants the junk.

[ecsclb1724]

unless of course we add them into our exemptions right? what would used furniture market value even be?

[justbroke]

unless of course we add them into our exemptions right? what would used furniture market value even be?

Yes, but you may be required to file a motion to avoid lien on them (in order to quash the lien). Work with your lawyer. S/he probably knows what they are doing.

Right, somethings about value just don't make sense, but trust me... Best buy, Rooms to Go and other creditors like that seem to think it's worth something.

[cwilliams]

In this same area, I have a laptop I purchased over a year ago with an HP card and still owe like $900 on it. This is the only working computer that I use and I use it for work as my desktop needs a new hard drive and won't even boot up. No laptop, no way to work. So could HP want the laptop back or do I need to reaffirm it so I can continue working on it?

[2xBK]

Technically, the laptop is likely secured dept but you probably do not want to bother re-affirming it. Chances are, HP won't want it back or will work with you. Desktop hard drives are dirt cheap right now, so keep that in mind too.

[downsized]

I wouldn't consider reaffirming those. I think the most I'd be willing to consider is a possible redemption if you don't want to take the chance on having to deal with those creditors later.

[indigoblue]

We had a visit from the furniture store repo guys recently. The corporate office knew we were filing but evidently didn't let the store know. DH told them we were in the process of a bk and they said let them know when it was all concluded. They were one of 2 creditors that had paperwork at our 341, but our atty said NOT to reaffirm, pay if we wanted and if we didn't just give it to them if they do show up again. As for the computer, they won't come get it.

[JRScott]

In essence you need to read the agreements for the loans when you bought the items, if it mentions they have vested interest in it then technically it is secured.

However in most cases 18 month old furniture and an 8 month old laptop would not be picked up. Just indicate you'd like to surrender it. Then when they call after the discharge, tell them that you'll be available on date and at time and to come get it. 99% chance they won't come get it. (Unless it is like antique furniture or very expensive quality).

[pookieny]

I know someone who had a computer she was paying on with Sears and new furniture from Penneys and her lawyer told her it was unsecured debt and if they wanted it back thy'll show uup at the 341 and they never did and she still has the furniture but the computer crapped out years ago.

[Amy26]

Anyone have any experience with a company called NewEgg? I have a credit account with them and back in March/April we bought about 2,700 in computer parts to repair our computers that US Postal service totally trashed in our move. The credit card is not listed on my credit report for some reason. What are the odds they will want their parts back? I did make a few payments on it before we filed.

[lrprn]

NewEgg and any other computer company are not likely to want used computer parts back. What would they do with the used parts? It would cost them more to come and get them than they will be worth used.

How did you purchase the parts? With a typical credit card (Mastercard, Visa, etc) or did New Egg itself finance the purchase? As already noted in this thread, if a regular cc was used, then the purchase isn't secured anyway and you have nothing to worry about. Even if NewEgg did finance you so the parts may be secured (you would have to look at your original agreement to figure this out), then again, the chances of them wanting used computer parts back is about the same as a meteor hitting your house today

[Amy26]

Hehe... yea it was through my NewEgg Preferred account. I was just curious if anybody had dealt with them directly. I'm also hoping they don't dispute it since it was back in March/April...

I was actually surprised this creditor wasn't listed on my credit report.

But yea I guess you're right... besides computer parts are obsolete 2 weeks after you buy them

And dude... I would love it if a meteor hit my condo... but not if the renters were at home... that would just be bad.