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Ch. 7 Wells Fargo Home Furnishing question

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    Ch. 7 Wells Fargo Home Furnishing question

    I filed Ch. 7 on November 29th, 2018 and had my 341 meeting on December 20th, 2018. I have a secured debt through Wells Fargo home furnishings for a set of couches that I owe ~$500. My attorney contacted Wells Fargo to reaffirm the debt. Wells Fargo informed my attorney that they can’t do a reaffirmation agreement, but they advised him that I may keep paying and that I have three options: call and make a payment over the phone (no charge for that - so they say), do bill pay through the bank, or send a check or money order.

    How can Wells Fargo advise me to keep paying but not sign a reaffirmation agreement?

    #2
    Your attorney is a fool. Why would you reaffirm a debt which is "secured" (note that's in quotes) by used household furniture? In case you didn't know, used household furniture--especially upholstered furniture, such as couches and bedding--is completely worthless from a resale point of view. In fact, if you look on Craigslist, you will see people GIVING AWAY clean-looking couches and bedding for free, because there is literally no market for this kind of stuff. (Note, I am not suggesting that you take someone else's used furniture, as the reason nobody wants this stuff is due to the escalating bedbug epidemic.)

    The truth of the matter is that you could simply stop paying, or offer a settlement such as $100 to be done with this debt for good. Even if you quit paying, I can guarantee you that Wells Fargo DOES NOT WANT your used furniture, and it would cost them more than $500 to come get it and dispose of it. They won't let you reaffirm because they assume that you misheard your attorney's advice--no attorney would be foolish enough to advise a client to reaffirm this type of loan.
    Last edited by bcohen; 12-23-2018, 11:35 AM.

    Comment


      #3
      As bcohen wrote, I don't think you should ever sign a reaffirmation agreement for old furnishings. Your attorney should have, as bcohen also states, negotiate it to a small value.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog


      I am not an attorney. Any advice provided is not legal advice.

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