Buying Back Assets and Secured Credit Question

[chente]

Question....

I have furniture, appliances and electronics from Best Buy and The Room place.

My questions is if I don't reaffirm legally they can come after them correct?

The total i have in assets is about $2600 over my exemptions. I can ask to buy back these assets but for what? If legally they belong to BB and The Room place?

I guess my questions is are these really assets since I still owe them? How are they handled by the trustee?

It seems like either I can loose them if I reaffirm because I'm over the exemptions and I can loose them if I don't because they are secured loans?

[tobee43]

personally, i would never reaffirm. i would let the dog and cats have their way with the items and then call the companies and tell them to come and get their stuff it will be out in the front lawn in the rain.

additionally, if you have one of those great contract that you must pay them i would rather have them take the items back and go buy some new items for the $2600. that can really go a long way today with some the sales these stores are having! or even picking up some new stuff on craigs list. i know i found and i'm NOT kidding a 10k china cabinet from italy for 1500....the stores wanted 1500 for just a tiny one and this one has 10 shelves!!! i went to the site of the company (it is pretty famous, not that i cared, but was curious) that made the cabinet and this is the truth, honest, it sold for a whopping 10k!!!!!!!! i would never, even if i could have spent that kind of money on anything for the house furniture, but, i spent less that i had planned and it was in excellent condition!

i do know that BB has taken back some items, but not all the time. same with rooms to go or whatever it's called.

[btbeme]

Check and recheck the total value of your assets. My guess is that they aren't worth nearly what you think they are worth (garage sale pricing), which solves the problem. Just saying... Many people who have read these forums have been astonished to discover that nobody wants their used stuff at any price, which decreases it actual market value to about zero. Unless you have a hand-embroidered footstool from the court of Henry VIII, my guess is that your furnishings are pretty much worthless. As are your clothes. Etc.

As for the BBY and Room items...don't reaffirm anything. Really. Once you receive your discharge (and maybe before that) you will likely get a call from an office trying to "negotiate the return" of the items. Tell them very politely to go whiz up a rope, unless they happen to have obtained a Writ of Replevin. Since the clown on the phone won't know what that is anyway, they will not have one, will not pay to get one, and are unlikely to be granted one for used furnishings, their call can be ridiculed and largely ignored.

If, for the first time in recorded history, they actually DO say they will come get it, then I certainly second tobee's advice above. Substitute lawn sprinklers if rain is not in the forecast.