BK7 creditor wants reaffirm, payment, or surrender

[ccsjoe]

Please reread helpmeout's suggestion and ask them to provide you with proof of a perfected lien if you are so concerned. My vote still says ignore them and demand the proof only if they call you.

[helpmeout]

Furniture was purchased 5-13-08, so over 2 years old, and purchase total (on Wells Fargo) is $5300.00. Was basically dining room tbl, bed, nightstands, etc.

When I spoke with the lady at Wells Fargo today, she said they would file a motion to remove the automatic stay. That just means they can call, right? I mean, after the BK is discharged, will they still be able to come after me since they are a creditor listed in the BK?

No, they can't come after you for the amount owed. But if they do have a perfected lien (I think that this is what it is called), they can pursue legal action to come and pick it up. And would probably cost more than the furniture is worth.

[itsdavetime]

Furniture was purchased 5-13-08, so over 2 years old, and purchase total (on Wells Fargo) is $5300.00. Was basically dining room tbl, bed, nightstands, etc.

When I spoke with the lady at Wells Fargo today, she said they would file a motion to remove the automatic stay. That just means they can call, right? I mean, after the BK is discharged, will they still be able to come after me since they are a creditor listed in the BK?

[helpmeout]

The purchase at City Furniture was made with two forms of credit. Wells Fargo was only one creditor on the purchase, the other being HSBC. I called the person on the Wells Fargo letter and asked which items Wells Fargo has an interest in. They said since they had the majority of the credit, it would be all items. I explained it couldn't be all items since two credit cards were used. They said they have an interest in everything.

How can that be? They can't have an interest in everything since we didn't use them to pay for everything.

Rather than ask them what items they are interested in, ask them to provide proof of a perfected lien they want. If they can't provide that, then they can't repossess.

[helpmeout]

How old is the furniture? Unless you bought it a couple of months ago, they aren't going to come and get it. It would cost more than what the furniture is worth.

[tcreegan]

ignore

Hi itsdavetime,

The wisdom of the forum has spoken: ignore them

Reading through the posts you will see this question asked over and over.
The answer remains the same: ignore them.

Reason is simple:
It is profitable (low cost, high yield) to try to intimidate you and get you to fork over $$
It is not profitable (high cost, low yield) to repossess used furniture.

I have not seen a single post where furniture was repossessed.

Tom in Colo

[Fallonedward]

So what happens if you have a heart transplant and put part of the bill on your CCs . REPO MAN lol that movie was funny.

you so made me laugh, thanks

[bigtim6656]

So what happens if you have a heart transplant and put part of the bill on your CCs . REPO MAN lol that movie was funny.

We got a new Central A/C installed from Home Depot a year ago. Will they demand that we surrender it, if so I'll tell them to come and get it as its not worth it to me to save it

[bigtim6656]

When I was a kid a friend of mine's parants outfitted their house with all new costly stuff from a in house finance store like rent a center but financing not renting. 6 months later his dad got sick and lost his job and they filed, lost their house, cars, boat, and when they rented a small house they had to much furniture because the company would not take it back and they keep it. I am guessing they wrote it off and forgot about it.

I understand this is a tough spot and there is always the possibility that someone will say yes, we will come a get it. However, think about the logic. The retailers you purchased the items from already got paid by the financing company you took out the credit with (unless it was 100% store credit). The odds that banks and financial institutions would want to try and sell your now used goods for a fraction of the initial cost, plus filing fees, sheriff, travel, transportation, etc....I think unless it's a major very recent purchase, you're ok.

[ccsjoe]

I understand this is a tough spot and there is always the possibility that someone will say yes, we will come a get it. However, think about the logic. The retailers you purchased the items from already got paid by the financing company you took out the credit with (unless it was 100% store credit). The odds that banks and financial institutions would want to try and sell your now used goods for a fraction of the initial cost, plus filing fees, sheriff, travel, transportation, etc....I think unless it's a major very recent purchase, you're ok.

[ccsjoe]

For whatever it's worth, my vote would be to ignore unless they call you. Then you can tell them they are welcome to come get the furniture provided they follow due process. You will know if they don't file an objection that it's discharged and you're free and clear.

[Fallonedward]

We got a new Central A/C installed from Home Depot a year ago. Will they demand that we surrender it, if so I'll tell them to come and get it as its not worth it to me to save it

[itsdavetime]

So, should I just ignore the letter, or actually call and tell them that I want to surrender the furniture?

[HHM]

By the letter of the law, Wells Fargo is correct, when it comes to personal property items, your only choice is to redeem (pay fair market value), reaffirm, or surrender. 521(a)(6); and you must do one of those three within 45 days of the first meeting of creditors.

However, as a practical matter, it is unlikely that Wells Fargo will actually go to the trouble to repossess the furniture. The would need to go to court, get a writ of replevin (which gives them the right to come on to your property) and get the Sheriff involved to actually get the furniture. But, it is a risk.

[bigtim6656]

I would agree, my cousin is thinking about filing, her new husband has good credit and hers is worst then mine. She has a dell she had been paying on fror 2 years and still owes them 1800 bucks. She told me she was worried the would take it since she has paid them 1500 bucks and owe 1800. I ask her why not just give it back. She told me she needed it and would have to pay the 1800 bucks so she could keep it Right now the same computer (well same setup) from dell or hp is 750 bucks, I told HER GIVE IT BACK AND BUY A NEW ONE.

I need a new one for school and thought about the dell payments but figured the bk trustee would not like that 3 or 4 weeks before filing.

I'm going to do the same with our almost 4 year old fridge washer & dryer. They can come git'em if they want, no reaff'ing those here!!