Furniture repo after discharge

[bnkrptinva]

I've searched quite a bit about this and read mixed information.

Has anyone heard of GE Money Bank & Ethan Allen persuing repo on furniture secured by the credit card.

I told my attorney I'd be willing to turn over my items. She said by the time they get around to doing it, would be later this year. By that time, the furniture would be about 2 years old. I don't even have all of the purchases in my possession, my soon to be ex husband has some of the items (yet we do not have a property settlement yet, so legally the items are still mine as the card that bought them was in my name).

If they want the stuff, it'll bother me, but what can I do?

Also, if & when they want the stuff, if I still do not have a property settlement, can I sent them to my ex's house to get the rest?

Thank you.
PS, in Virginia, not sure if the laws vary state by state.

[dingdong]

Furniture depreciates quickly. I doubt they are going to come after you for 2 yr old furniture.


It costs 250.00 just to file an AP, plus lawyer fees. They may send you a letter asking you to turn it over, but most people just ignore it and nothing happens.
Even if they do file an AP, they will probably settle for much less.

What was the amount of the charge for the furniture, did you make any payments on it after you bought it?

[bnkrptinva]

Thanks for the reply. I made payments on it for a year. So in essence, maybe some of it was paid for, some not. I still owe 5,000 on it (some because of penalties for stopping payment). All I have in my possession from this card is a table, 4 chairs, china cabinet, and sofa table. If you add those things up purchased new, would come up to the 5,000, but like I said, ex has the rest in his possession (perhaps I could send them to his place to pick up that stuff instead..else if I have to surrunder everything in my possession, I will fight to make him have to surrender the stuff in his possession too).

I figure by the time they'd get around to doing anything, the stuff will be 2 years old and perhaps this will be a non issue.

So if they send a letter and I ignore...unless they do something more drastic, I MIGHT be okay?

At what point would I HAVE to comply? If they showed up on my doorstep w/a court order?

[dingdong]

You probably just have to wait and see if they file an objection to the discharge of the debt or if you are ruled an asset or no asset case.


They have a security interest in the furniture, secured by the purchases on the card, But if you paid off 1000.00 of it and the furniture is worth hypothetically 25%-50% of the original value, so lets say they can sell it for 1000.00-2500.00 ( which is probably unlikely, they may just let it go.) By the time they pay someone to pick it up and then go through the trouble of selling it, they wont get much and it will cost them more than the trouble.

I think a lot of the furniture places send a letter kind of trying to call your bluff and if you offer it back or sign some form of agreement, then they get some moolah back. I think many people just ignore the letter and nothing happens.

Search through the threads, there was a recent post about this same issue.

[bnkrptinva]

Thanks for the additional info. This is sort of my line of thinking, but ultimately, I know it's sort of a wait & see. If I get a letter, I'll hang on to it, but ignore it. I figure if they keep on, and actually put forth effort, I'll probably have to turn it over, but if not, hoping it'll just go away. I don't have much...everything I have is exempt, however, with this furniture only being over a year old now, and it's secured by the card, I realize I can lose it.

[debtmonster]

We're wondering the same exact thing with the furniture we bought from Rooms to Go. 3 leather sofa's, a dining room table and 6 chairs. We owe between $3500-4000. I am paying on it every month right now. We get 0% on it. If we are late one single time, the rate jumps to like 29%. I want to wait until we file before I stop paying on it.

Has anyone heard of the finance company for Rooms to Go to come after you?

If they want to come pick this stuff up, they are more than welcome. We will have no place to put it at the new place we will be living and storage for it will be expensive. Eventually the storage fees will exceed the value of the sofa's and table. The 10x20 place I wanted to rent in Miami was $260/mo. Another place I checked was $277/mo. for the same space, PLUS TAX and insurance!! What ticks me off is that my friend is renting the same space from the same company near Atlanta and he's only paying $90/mo!!! Why are they ripping me? Atlanta is just as big as Miami, if not bigger... plus Atlanta has better paying jobs. Why are they taking advantage of me?

I want to lighten the load as much as possible. These people will be doing me a favor if they want to come and pick this stuff up. Less to move. Less fuel for the moving truck to carry it. I could rent a smaller truck and rent a smaller storage space without all this stuff. My wife is mad and doesn't want to lose it all. I don't care. This stuff is cheap. The leather is like chipping and what not... like little chunks are coming off even with the leather conditioner. Maybe the dogs did it. Who knows. Next time I will buy from Haverty's and pay CASH and not get into this debt trap. This will be a major learning experience.

[blankslate]

Sounds like you already know that you should call them and tell them to come and get it. I'd stop the payments right away so you can save up for your move.

Think of how much better you'll feel to have all of those things that have weighed you down and caused this mess gone for good... Who wants to look at reminders of this ordeal every day?

We're wondering the same exact thing with the furniture we bought from Rooms to Go. 3 leather sofa's, a dining room table and 6 chairs. We owe between $3500-4000. I am paying on it every month right now. We get 0% on it. If we are late one single time, the rate jumps to like 29%. I want to wait until we file before I stop paying on it.

Has anyone heard of the finance company for Rooms to Go to come after you?

If they want to come pick this stuff up, they are more than welcome. We will have no place to put it at the new place we will be living and storage for it will be expensive. Eventually the storage fees will exceed the value of the sofa's and table. The 10x20 place I wanted to rent in Miami was $260/mo. Another place I checked was $277/mo. for the same space, PLUS TAX and insurance!! What ticks me off is that my friend is renting the same space from the same company near Atlanta and he's only paying $90/mo!!! Why are they ripping me? Atlanta is just as big as Miami, if not bigger... plus Atlanta has better paying jobs. Why are they taking advantage of me?

I want to lighten the load as much as possible. These people will be doing me a favor if they want to come and pick this stuff up. Less to move. Less fuel for the moving truck to carry it. I could rent a smaller truck and rent a smaller storage space without all this stuff. My wife is mad and doesn't want to lose it all. I don't care. This stuff is cheap. The leather is like chipping and what not... like little chunks are coming off even with the leather conditioner. Maybe the dogs did it. Who knows. Next time I will buy from Haverty's and pay CASH and not get into this debt trap. This will be a major learning experience.

[IBroke]

Has anyone heard of the finance company for Rooms to Go to come after you?

We have about $8K debt with them (Citi is behind them) and so far, nothing. It's been quite a while now since payments were due.

[debtmonster]

Sounds like you already know that you should call them and tell them to come and get it. I'd stop the payments right away so you can save up for your move.

Think of how much better you'll feel to have all of those things that have weighed you down and caused this mess gone for good... Who wants to look at reminders of this ordeal every day?

I want them to go through the courts to come and get the stuff after we file. We use the sofa's every single day. Giving them back now would only hurt us. There may be a shred of hope that we can keep them. I want a court order for us to give them back.

If we can keep them, then so be it. But if not, then oh well. I just don't want to voluntarily give them back. Being that my life will be ruined for 10 years from this ordeal, I want to at least have some furniture to show for it... if at all possible.

[Floridagail]

THey have 60 days from 341 to take actions thru court, Once discharged you should be okay.

[debtmonster]

So if they want it back during those 60 days, they will have to come and pick it up? What if we were to offer like $500? Has that ever been done before? I'd like to do that with my car since it's over $6,000 upside down. I have too many miles on it and cannot get a redemption loan. Is there a way to get that negative equity stripped off the car without involving a 3-party finance company?

[Floridagail]

I would not do anything, I sent you pm. They dont want your furniture back.

[debtmonster]

I would not do anything, I sent you pm. They dont want your furniture back.

I did not see any new PM's.

That would be nice if they don't want it back. My wife would be happy and stop complaining to me about. I don't care if we give it back or keep it either way.

Thanks.

[Floridagail]

I sent you Pm, do not know where it went . I think your wife will be happy. The furniture Company was probably paid by the finance co already. SO the debt is unsecured in my way of thinking.

[debtmonster]

I sent you Pm, do not know where it went . I think your wife will be happy. The furniture Company was probably paid by the finance co already. SO the debt is unsecured in my way of thinking.

That's what I am hoping. We've been paying on it for maybe a year or so without missing a single payment. Right after we file I am thinking about stopping. It's barely $75/mo. All these payments add up.

Our iPhone is $92/mo., the furniture $75, the cable modem $62 (I work from home and need high speed.) That's a lot of money in just 3 small bills.