what if you lose secure property

[aachudneymiles]

what happens if you lose secured property... are you suck to pay it..

husband lost a ring I got him on credit.. owe about 350.00 now should I try to make a deal with creditor for deletion off bk? or tell them its losted or what? so confused and pissed I know some have tried to say secured property was lost to no surrend but that not the case.. would mind paying for it hubby just lost it .

update below

[HHM]

Jewelry companies are one of those creditors that "talk tough" in BK but don't take any action in the end.

Just list the debt in your BK. The amount is small anyway, I doubt you would hear anything.

[SinkingFast]

The retail mark-up on jewelry is astronomical. Like 300%, or some such number. Jewelry is like furniture. Huge mark-ups. The ring you owe $350 on may have only cost the jeweler $50 to begin with.

As HHM said, list it, forget it, and move on.

[demismom]

Yep, just list it as a debt and forget about it - they will probably NOT come after you, they're just trying to scare you.

[aachudneymiles]

i have it listed as secured I have to do an amend anyways .. but heres the situation.. I got a letter from weltman weinberg and reis ( the lawyer) .. they state they understand its my desire to keep the ring.. and sent a reaffirmation agreement,(wtf) (who told them that..) now called the girl she tough lol phone tough .. cant verf a orig amount or nothing.. saying I either do the reaffirm or send the ring back first its not my job to send nothing right? they would have to come get it.. I am thinking of 1 amend them to unsecured

2 ingoring them

3 make them show up at my creditor meeting if them want the money soooo bad.. 350.00 give me a break. but guy let me know if that sound good or any ideas

[aachudneymiles]

bumped up.. sorry need help

[HHM]

Ignore them.

Throw the reaffirmation in the trash.

If you have to amend anyway...I would actually list the debt as unsecured...after all, the collateral that secures the loan is no longer in your possession.

[newimges]

I would be a little leary of ammending a secure item to unsecure. That might look a little suspicious.

It is their responsibility to come get the ring which I doubt they would do. That will cost them money. I had to deal with Weltman, Weinberg and Reis as a collection for a creditor before I filed. They talked a big talk but never followed through on anything. I have 3 creditors for secured debt and sent them my intention to surrender the property over a month ago and I haven't heard from any of them as of yet. I owed quite a bit on these debts (furniture and a hot tub) and I really don't expect any of them at this point to come and get the property.

I would just ignore them.

[aachudneymiles]

Ignore them.

Throw the reaffirmation in the trash.

If you have to amend anyway...I would actually list the debt as unsecured...after all, the collateral that secures the loan is no longer in your possession.

yep trash it gos .. not calling her back either.. and new Imagine i have a good reason to amend them .. its lost I dont have the ring .. soo fu*%$ them... she h