Statement of intent-Schedule J- Please Help

[cwd-ftworth]

Ok guys, it is getting down to the wire.... I am filing out Schedule J. I have a loan with CITI and they used a tv and computer on the loan and bought a big screen a year ago from Conn's. I have been told CITI won't come after the items and most likely Conn's won't either. I need to know what do I check on the statement of Intention: Surrender,Keep,claim as excempt, redeemed or reafirmed?

I would think I would claim as excempt and then use the matching laws???

Please help!!!
Chuck

[Debtsarenogood]

Ok guys, it is getting down to the wire.... I am filing out Schedule J. I have a loan with CITI and they used a tv and computer on the loan and bought a big screen a year ago from Conn's. I have been told CITI won't come after the items and most likely Conn's won't either. I need to know what do I check on the statement of Intention: Surrender,Keep,claim as excempt, redeemed or reafirmed?

I would think I would claim as excempt and then use the matching laws???

Please help!!!
Chuck

If what you have is a secured loan, then Citi can come after the collateral. Exemptions just protect an asset from the trustee coming after it if there is equity. Exemptions do not stop a secured creditor from coming after collateral. You are right they will probably not come after the tv and computer so you could put your intent as surrender and just hope for the best. But on the other note please be sure that your loan with citibank is really a security interest on the computer and tv. If you went into Citibankl and just took out a personal loan and then took that loan and purchased the tv and computer then this is not a secured loan. The actual loan from citibank would have to list the tv and computer as a PMSI/collateral for the loan. Otherwise this is an unsecured loan and you can list it on F and need no statemenbt of intent