Reaffirming Best Buy card ...one question!

[wnguyen]

So I guess mine's just a matter of time. My lawyer also told me before filing that once they know, they'll close them all.

[tobee43]

I have 2 credit cards left (RBS) with zero balance on each. I guess they found out about my bk filing, probably thru checking my credit report. What I don't understand is that they reduced the credit limit on each card to $250 and not close them. I'm still waiting to see if they will close them after my discharge next month or just leave them hanging like that.

About BestBuy, I'm glad that I found several posts here with very useful info. Without you guys advices, I would have freaked out already.

i had more cc's with zero balances THAN with actual balanced at the time of our bk...

they caught on quickly and closed them all....in a ny minute!

[wnguyen]

I have 2 credit cards left (RBS) with zero balance on each. I guess they found out about my bk filing, probably thru checking my credit report. What I don't understand is that they reduced the credit limit on each card to $250 and not close them. I'm still waiting to see if they will close them after my discharge next month or just leave them hanging like that.

About BestBuy, I'm glad that I found several posts here with very useful info. Without you guys advices, I would have freaked out already.

[backtoschool]

Best Buy is known for trying to scare bk filers into reaffirming the debt. They claim the debt is secured, but in reality, they do not have a lien on the items purchased, and they would have to come and claim the actual items. They cannot get a judgment or any other type of payment back for the debt.

Any payments over $600 to one creditor within 90 days of filing are considered preferential payments.

You must include all credit cards in your petition if they have any balance. The one's without balances will most likely close when the bankruptcy notation hits your credit reports (which usually happens a couple of days after filing).

[tcreegan]

Hi all Hi youngnbroke,

Now I'm wondering if we SCREWED up?? pretty much, just wasted some money thats all

I was under the impression that since we were reaffirming the best card (doing this in order to avoid them coming after our stuff, which i know...probably wouldn't happen anyway) but i've been paying $100 a month on that card. Should i not have been??!! Do NOT reaffirm the card, do not feed the sharks, do not throw good money away.....

I thought i was supposed to continue paying on the stuff i wanted to keep..including the car??! ahh help!! Keep paying on the car if you are going to keep it. Same for a house but not for Best Buy, Sears, local furniture stores, etc.

An auto lender who has multiple thousand dollars in the car, has a system for repossession set up, and is in the business of selling used cars, ....it is profitable to repossess, most of the time.

A mortgage lender will foreclose b/c they have multiple 10s of thousands invested, too much $$ to leave out there w.o trying to get back as much as possible.

And remember, if you are not keeping the house; stop paying on it Same for a car, not going to keep it, stop paying.

Good luck with all this, spread to word about the Best Buy tactic of being a bully in order to get some cash out of folks...

Tom in Colo

[youngnbroke]

Thanks for ALL your responses, this makes me feel much better!! And you guys are right...why would they want an almost 2 year old lap top and ipod. LOL Our balance is only about $1200...so its not like they'd be missing THOUSANDS! I guess i just wanted to avoid any "chance" of issues after all this i said and done. I just want it to be OVER! ... Almost there

[tobee43]

tobee, I once got a computer back like that from a warranty repair. Kind of freaked me out too.

[catleg]

tobee, I once got a computer back like that from a warranty repair. Kind of freaked me out too.

[tobee43]

yes, i absolutely agree with tom and cat on this one.

what WILL they do with your used computer??

although i must say i think i MIGHT know....i purchased a gateway from best buy....when i got it not only was it full of virus...but it had files in it...PERSONAL ones...

now i KNOW why!! at this very moment it's likely i'm using somebody elses computer that might just be on this site right NOW....want your files back??

[catleg]

If you were told to reaffirm a BB card you were given bad advice.

At worst you could negotiate a reduced settlement with them through your attorney.

More likely they will simply abandon their claim to any goods.

[tcreegan]

Do NOT reaffirm a Best Buy card

Hello youngnbroke,

Do NOT reaffirm w/ Best Buy. Do a quick of the forum, BB threatens to repossess stuff and will try to stiff-arm you into reaffirming or paying some cash. Do NOT do it. It is a bluff and they won't come after your stuff.

Think about it: what are they going to do with your used stuff? If you don't roll over and cough up the cash, they have to file for a relief from stay, take whatever legal steps your state law requires, then they have to send out a couple guys and a truck. Way more expensive than the used stuff you have. And they don't even sell used goods!

Lawyers get into a mind-set of reaffirm, redeem, or surrender....and they tell you (correctly) that if you surrender they can come get your stuff....but they have a bit of tunnel vision. What can happen is not what does happen; and was does happen is BB tries to get some cash out of you, and when you don't cough any up, they go away.

If you are still not sure, do a quick search on the forum,

Tom in Colo

[IBroke]

i'm just waiting to see what happens when someone attempts it. so far, i have seen the cc cards drop the lines and up the interest...so what's the point? i guess is the way i see it?

That is why it's not recommended. But there is no BK-regulation stating that it can't be done. I certainly wouldn't do it - unless the CC-company makes some commitments in the reaffirmation-agreement.

[tobee43]

A CC can be reaffirmed as well - it's just something that is not, well, recommended. But legally, it can be done. Absolutely.

i'm just waiting to see what happens when someone attempts it. so far, i have seen the cc cards drop the lines and up the interest...so what's the point? i guess is the way i see it?

[IBroke]

of course your house and car can be reaffirmed...that's completely different and understandable. but not paying any cc....the trustee will make them return the monies.

A CC can be reaffirmed as well - it's just something that is not, well, recommended. But legally, it can be done. Absolutely.

[IBroke]

the trustee can only claim "preferential payment" if its over $600 right? (and i thought that was per month??) Now I'm wondering if we SCREWED up?? I was under the impression that since we were reaffirming the best card (doing this in order to avoid them coming after our stuff, which i know...probably wouldn't happen anyway) but i've been paying $100 a month on that card. Should i not have been??!! I thought i was supposed to continue paying on the stuff i wanted to keep..including the car??! ahh help!!

Relax..

As I said, mortgage- and car-payments are secured. The $600 limit doesn't apply (and yes, it must be more than $600 to apply in the first place. If you closely read the petition, you will find this "magical amount"..).

And yes, you keep on making payments on the stuff you want to keep.