Rhodes Furniture Chapter 7 Secured???

[patriot777]

Recently filed chapter 7 about a month or so ago and no one showed at 341 mtg. My atty sends me a letter about Rhodes atty wondering what my intentions were regarding the furniture I bought on their credit card. Anyone deal with them before. Will they come after the furniture if I do not reaffirm? (or) will they at least accept lower amount? since it's been several months since I bought. Is this really a secured debt or are they just bluffing to try to get some payment? Please help...

[skyan]

I had similar questions for my attorney, on a Circuit City card. I was told that YES, it is still secured debt. Mine is over 3 years old, the purchases are over 4 years old. So the stuff I bought isn't really worth much of anything anymore. My attorney told me that what will happen IF/when the creditor sends a letter like Rhodes did you, you have the options of giving back the purchases, reaffirming, or settling a smaller amount (perhaps what the items are worth on ebay). In our case, the stuff isn't worth anything on ebay, it's computer stuff that's outdated. In your case, you might have to reaffirm or give it back. Unless it falls into the exemptions, but that I don't know about.

Good Luck.

[patriot777]

Thanks for your help. Did you reaffirm?? I've been told 90% of the time it's a bluff and they will not come and pick up?? Do you have any insight on that? Thanks

[bull]

We have a riding mower that we just got a letter on. Lawyer sent it back and said we will give it back. He says they will probably never show up or contact us again, but we shall see.

He told us that they generally (in his experience) send the letter hoping you'll bite and then, more times that not, it is not worth their time and effort to recover and then resell.

[patriot777]

appreciate the feedback...I think I will take a chance on it.

[skyan]

With ours... we haven't filed yet, but are in the process. But our attorney said the same thing that bull's said. But, given the choice, we won't give our stuff up. We more than paid for our stuff. We were almost paid off when my husband lost his job. What we now owe, is almost all fees and interest on the fees. And I don't think we will reaffirm. If necessary, our lawyer agrees, we should try to come up with an amount that the stuff is worth currently, and just pay that. Of course, I hope they give us time to come up with any amount necessary. But hopefully, it won't come down to that.

[patriot777]

thanks for all your feedback and best of luck. It's look like we filed at a good time. October changes sound really tough. Take Care.

[robivi3]

It's a bluff generally. The items however remain subject to a lean. I suggest hanging on to them for awhile just in case. We were into Rooms to Go in a major way. They've never called or written. one and a half years.

[crackerbear]

We had furniture from Rooms to Go also. After almost 2 years, we got a letter from them about surrendering the furniture. I tried talking to my attorney, but got no answers. Right now, I am just ignoring their letters, there have been 2 so far. The last was a couple of months ago.