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    #1

    Help with Secured Assets

    We had our 341 meeting back in April. There is one loan that is for equipment that my husband uses for his job, we had filed an intention to reaffirm. However we have decided we cannot afford this loan and do not want to reaffirm this loan. However we have sold some of the equipment and therefore if they come back to get the collateral it will not be there. We sold the equipment to help pay the payments on the loan and other bills. We sold some of the equipment after the 341 meeting. Are we in really big trouble? What should we do?
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    #2
    Originally posted by stressed07 View Post
    We had our 341 meeting back in April.
    Two questions first - did the equipment loan lender acknowledge and accept the reaffirmation agreement? And is your Ch 7 case discharged or closed yet?
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      We have not signed the reaffirmation agreement for this loan but they have sent it to the attorney's office. We are just waiting to be discharged in July.

      Comment

        #4
        You dont have to reaffirm as long as you continue to make payments
        Sometimes life make you deal with ugly and hateful people ,just think of them as sand paper. They may scratch you and rub you the wrong way but eventually you end up smooth and polished and the sand paper becomes old and worn out.

        Comment

          #5
          We do not want to reaffirm this loan we want to file on it. However I am just concerned because we do not have all of the collateral listed. We sold some of it to pay the payment and also to pay other bills. What kind of trouble are we in.

          Comment

            #6
            Originally posted by stressed07 View Post
            We do not want to reaffirm this loan we want to file on it. However I am just concerned because we do not have all of the collateral listed. We sold some of it to pay the payment and also to pay other bills. What kind of trouble are we in.
            If you intend to include this loan in your bankruptcy, the lender could ask for the collateral (the tools) back. However, even if they threaten to do so, typically they don't want your tools, they want money and often will settle for cash.

            You have two options here - decide whether it's best to just invite them to come on over to pick up the tools (and it's 99% likely they will never show so you're off the hook), or negotiate with them some amount of cash. What's the value of the tools you sold?
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !
            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go

            Comment

              #7
              If you do not reaffirm, and the tools stood as collateral against the loan, the creditor has a right to demand his tools back.....

              Being as you have sold some of the tools (bad mistake - you are NOT supposed to buy, or sell, or transfer ANYTHING during the bankruptcy process that the Trustee doesn't know about)....... this could be a problem for you.

              The creditor could demand payment for these items...... same as if it was an auto and you did not reaffirm on it. Creditor has the right to take the auto back.

              Hope fully, maybe you will be lucky enough where the creditor will not ask for the tools back.....

              What kinds of tools, equipment?? Expensive???

              Did your attorney know you sold them???

              If they request they must be returned, you may have to negoiate a value and pay them for the tools you sold.....

              Keep us posted....
              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

                #8
                As everyone else stated you sort of have two ways this can go. You stop paying on the loan and let it be discharged and they not bother you at all or they ask for the tools back or some monetary value of those tools. But one thing that kinda is jumping out at me is, you are in the middle of a bankruptcy, so therefore you are not paying on the creditors that are being discharged and you are still having to sell off assets (which is a no-no during the bk) to pay for loans and OTHER bills. What other bills? Were those bills the effect of an emergency? I only ask because if you are having to sell off stuff just to pay your bills you might need to rethink your budget.
                "Try to save money. Someday it may be valuable again." - Anonymous

                Comment

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