Checked "Yes" to Reaffirmation, but will not

[tobee43]

I agree with ccsjoe. Your "intent" was to reaffirm. This is exactly what I'm doing. I have to check reaffirm (since retain and pay is not an official option), although I'm really just going to retain and pay. I just never plan on signing reaffirmation agreement papers.

I doubt it will come up at the 341. But if you're that worried, I'd just have your attorney amend the paperwork to show you will be surrendering.

your right on that...if you never sign the paperwork who really cares. and unless they show up at the 341...no worries i agree.

i just didn't want to be held to what i checked off...other than surrendering....but what your suggesting i'm certain will work also. we didn't deal with best buy or any similar contracts.

[dumpinmydebt]

I agree with ccsjoe. Your "intent" was to reaffirm. This is exactly what I'm doing. I have to check reaffirm (since retain and pay is not an official option), although I'm really just going to retain and pay. I just never plan on signing reaffirmation agreement papers.

I doubt it will come up at the 341. But if you're that worried, I'd just have your attorney amend the paperwork to show you will be surrendering.

[tobee43]

I sat through a SLEW of 341 hearings. 35 of them to be exact.

The only creditors who showed up were from (a) car companies and (b) retail stores.

They asked the debtor what they were planning on doing with their merchandise they had purchased.

I am not saying Best Buy will show up at your 341. I am saying that in the eyes of the court these specific credit cards typically are secured against the products you purchased with them.

I'd treat them as secured on my filing if I had them and I'd be prepared to possibly (not probably) show up and ask for their merchandise back, especially if the products were purchased in the last 12 months and/or were of a high dollar amount.

well....maybe...but i would never treat them as secured claim although THEY would like you to believe they have one. i understand that best buy along with a few others have attempted to pretend they have a secured claim...

well...proof is in the pudding...best buy loses all challenged claims....please someone tell us if BEST BUY won their AP.....
usually the claims are disqualified under the 90 rule....even though they have a contract which makes you believe they can take back the items.

otherwise as i said in another thread....you would be walking into YOUR Local BEST BUY...and SEE and BIG SIGN SAyING:


"USED ELECTRONICS FOR SALE!!!!!!!...COME BUY YOUR NEIGHBORS 3 year OLD FLAT SCREEN USED TV or YOUR FRIEND'S 4 YEAR COMPUTER"...

hence, we do not SEE those signs at the store because BEST BUY will lose. JUST because you signed a contract does not necessarily mean it's enforceable, it needed to be within the guidelines of the law. and IF you have an atty that says it is....run the other way asap.

logic comes into play here....as i have stated before....what??? does BEST BUY have a sea of electronics stored in warehouses. for what they pay their atty's to lose all these AP is unreal to me.

[gman]

justfive, Best Buy and other store cards have what is called a "Purchase Money Security Interest" clause in their agreements creating a type of lien or security in all the goods purchased with said card. Mostly the concensus is to list them as unsecured creditors and in most instances though they may threaten they actually never exercise their security interest and repo the goods.

I sat through a SLEW of 341 hearings. 35 of them to be exact.

The only creditors who showed up were from (a) car companies and (b) retail stores.

They asked the debtor what they were planning on doing with their merchandise they had purchased.

I am not saying Best Buy will show up at your 341. I am saying that in the eyes of the court these specific credit cards typically are secured against the products you purchased with them.

I'd treat them as secured on my filing if I had them and I'd be prepared to possibly (not probably) show up and ask for their merchandise back, especially if the products were purchased in the last 12 months and/or were of a high dollar amount.

[ccsjoe]

I wouldn't think that a Best Buy card would be considered secured. Isn't it a credit card? If so, it doesn't really matter what you bought with it (especially if it's all exempted on your schedules). Someone please correct me if I'm wrong...

justfive, Best Buy and other store cards have what is called a "Purchase Money Security Interest" clause in their agreements creating a type of lien or security in all the goods purchased with said card. Mostly the concensus is to list them as unsecured creditors and in most instances though they may threaten they actually never exercise their security interest and repo the goods.

[justfiveofus]

Anyway, so I'm getting the feel that I shouldn't worry about changing our mind about reaffirmation: I hope same applies to a smaller secured loan such as a Best Buy card...?

I wouldn't think that a Best Buy card would be considered secured. Isn't it a credit card? If so, it doesn't really matter what you bought with it (especially if it's all exempted on your schedules). Someone please correct me if I'm wrong...

[tobee43]

Not sure what state you are in, but in Georgia the only options available for a debtor are to REAFFIRM or SURRENDER.

Link: http://www.*************************...-in-chapter-7/

One cannot ask the court DIRECTLY for a ride through (car) or pay and stay (home).

INDIRECTLY, the way to accomplish these is to ASK for REAFFIRMATION and be OK when either the JUDGE or the LENDER says no.

I am actually doing this with my car. I am asking for REAFFIRMATION but will be denied by either my lender or the judge. Then I will do a ride through and simply keep paying my monthly payments.

FIND OUT WHAT YOUR BK DISTRICT REQUIRES. Many have different rules/processes.

exactly....since in our district you have these choices:


redeem the property
reaffirm the debt
or....other...i.e. for an example, aviold lien using 11 U.S.C., 522 (f)....etc.

[gman]

Not sure what state you are in, but in Georgia the only options available for a debtor are to REAFFIRM or SURRENDER.

Link: http://www.*************************...-in-chapter-7/

One cannot ask the court DIRECTLY for a ride through (car) or pay and stay (home).

INDIRECTLY, the way to accomplish these is to ASK for REAFFIRMATION and be OK when either the JUDGE or the LENDER says no.

I am actually doing this with my car. I am asking for REAFFIRMATION but will be denied by either my lender or the judge. Then I will do a ride through and simply keep paying my monthly payments.

FIND OUT WHAT YOUR BK DISTRICT REQUIRES. Many have different rules/processes.

[confident]

Yes, these are not too many changes...meaning, yes, chill

Thank you!

[drowning123]

You'll be fine. It'll be a breeze.

You were so right! LOL.

[ccsjoe]

Thanks everybody for this reaffirming thread (pardon the pun!) and for the laughs! I encounter some of you in other threads and it is fun to see a candid side. And to see that there is laughter in everything serious...

Anyway, so I'm getting the feel that I shouldn't worry about changing our mind about reaffirmation: I hope same applies to a smaller secured loan such as a Best Buy card...?

Also someone mentioned an amendment earlier: we had to amend our Schedule J to update our rent amount (we weren't renting on the date of file and had a projected amount listed). Are these too many changes prior to 341? Should I chill?

Once again am grateful for all you thoughtful souls.

For the best buy card answer, see my answer to you on that thread.

Amending J ok since it affected your DMI.

Yes, these are not too many changes...meaning, yes, chill

[confident]

Thanks everybody for this reaffirming thread (pardon the pun!) and for the laughs! I encounter some of you in other threads and it is fun to see a candid side. And to see that there is laughter in everything serious...

Anyway, so I'm getting the feel that I shouldn't worry about changing our mind about reaffirmation: I hope same applies to a smaller secured loan such as a Best Buy card...?

Also someone mentioned an amendment earlier: we had to amend our Schedule J to update our rent amount (we weren't renting on the date of file and had a projected amount listed). Are these too many changes prior to 341? Should I chill?

Once again am grateful for all you thoughtful souls.

[tcreegan]

60 days to rescind

Hi all,

it even had a clause in it saying either party had 60 days to rescind the agreement if we saw that it wasn't in our best interest. From what I've been told, this is fairly common.

Not just common pilgrim, it is the law !! (must say this w. John Wayne accent for full effect)

Every now and then, a blind bird finds a worm; here Congress did something for the benefit of the individual...you can't be strong-armed into a reaffirmation, you have a "cooling off" period to think about it and change your mind.

Tom in Colo

[misty95]

misty...not on your discharge...it would be listed on your petition on scheudle a...under real property...and also in it was listed in our statement of intent in the body of the petition....which indicated as surrendered.
.

LOL!!!

Thanks for your help, tobee. I haven't filed yet (but will within the next 2 weeks), so I want to be sure my home loan will be listed for discharge, even tho I am doing a "retain-and-pay" (not a reaffirmation or surrender). I will be sure to check that it is listed on my petition Schedule A and Statement of Intent before I file.

[tobee43]

Where is the mortgage amount listed on the discharge? Do they list each debt amount discharged separately? Thanks.

misty...not on your discharge...it would be listed on your petition on scheudle a...under real property...and also in it was listed in our statement of intent in the body of the petition....which indicated as surrendered.

yea, a pair of what? LOL. Yes we are, tobee

.

LOL!!!