Furniture store charge card

[ejny65]

Hi, I am so thankful to all of you who have answer many of my questions. This forum is a blessing. I assumed that furniture store or for example Besbuy charge cards are also unsecure. how are they secure? I mean, best buy normally would not even take back an open item, but WILL THEY WANT ITEMS BACK in case of filing chapter 7?? I am confused!

[HHM]

These types of store cards are typically Secured Cards.

However, it is VERY RARE for the stores to actually want back the items you purchased. Best Buy uses Bass and Associates to attempt to persuade you to do a reaffirmation agreement when you file BK...just ignore them.

Legally, the debt is secured...but practically, EVERYONE treats the debt as unsecured because there is no viable after market for used consumer items.

[chpxiii]

I have a friend who over a decade ago filed chapter 7. The furniture company (don't know which) literally came and repossessed his furniture.

For my case, had I had this board, or been more savy, I would have said, "SURE! Come get my furniture if this is secured. Complete with cat hair and all!" However, I was dumb, and my attorney didn't advise me on this so I paid that debt off as secured.

[ejny65]

"SURE! Come get my furniture if this is secured. Complete with cat hair and all!"

You are right, even though the furniture I am talking about are my kids' bedroom sets, I rather see those gone (I am a hardworker and will buy them later) than having my kids seeing me with my hands holding my head. Thanks for informative replies.

[needafreshstart]

I wonder how much it matters if it is a small local store or a large national chain. I know there is a local store in my area that is very agressive. One attorney told me they were even known for going into a house and ripping up carpet that was purchased on their card, through the proper channels of course.

[ohwell]

We have PMSI and our atty told us not to reaffirm, and stated "let them try to tell us they are secured", I think 2 cards sent us reaffirmation offers, we ignored them. Our day of objections was over a week ago. They can try to get our "collateral" if they wish once we get our discharge, but our atty said they don't usually. I was thinking we had to raffirm to keep our things, but because its of little value, they can call all they want - I, uh, sold it, don't have it anymore, uh, we got robbed .....etc. etc.
Oh, we had a best buy, and circuit city, and sit n sleep(citifinancial retail services). Half the stuff we actually don't have because they are old accounts, and we didn't have that much in them anyways.

[CindyLou]

list them as unsecured and leave it up to the creditor to dispute it. I doubt they will.

[Bandit]

Well, I would not put it pass something like CitiFinancial to make a big stink if it was a lot of furniture, like the whole house.

I did read a few places where stores like Sears are viewed as secured cards because they own both the money borrowed & the merchandise but in general Sears does not bother anyone.

[Bandit]

I wonder how much it matters if it is a small local store or a large national chain. I know there is a local store in my area that is very agressive. One attorney told me they were even known for going into a house and ripping up carpet that was purchased on their card, through the proper channels of course.

My hunch with things like that is, when someone goes & buys the most expensive berber carpet & does every room in the house, then files on over 10,000 in carpet & labor in three months.

They should have bought ceramic tile with tons of glue it would cost them more to jack hammer it out than what it is worth broke in a million pieces. (just teasing of course)