reaffirm debt

[carla107]

I filed chapter 7 last week an received a letter from my attorney stating that one of my creditors holds a Purchase Money Security Interest for wood floor that I installed in my home. They gave me three options 1. reaffirm for 1800. with 29% interest att 59.00 per month. 2. lump sum 1400.00 3. surrender property. I got the immpession that my attorney thought that I should pay it. I really can't afford to pay that much. I can't see paying 29% interest because it will never be paid off and that is whatt got me here in the first place. My questions are: How can I surrender something that is permanent fixture in my home? Can anyone give me advise? I'm starting to loose sleep all over again.
Thanks!

[djk]

since you are very early in the process if I were you I'd opt for #3 and see
how that goes over. you have to be willing for someone to show up and
remove the flooring. (I would be) I would doubt that it would happen, though. This option would pretty much leave you without financial obligation for the flooring and yet leave the creditor with nothing except the expense of removing it. I'd be thankful they gave me the option and use it. But only if it eliminated all financial obligations in the future.

[gacreditguy]

I filed chapter 7 last week an received a letter from my attorney stating that one of my creditors holds a Purchase Money Security Interest for wood floor that I installed in my home. They gave me three options 1. reaffirm for 1800. with 29% interest att 59.00 per month. 2. lump sum 1400.00 3. surrender property. I got the immpession that my attorney thought that I should pay it. I really can't afford to pay that much. I can't see paying 29% interest because it will never be paid off and that is whatt got me here in the first place. My questions are: How can I surrender something that is permanent fixture in my home? Can anyone give me advise? I'm starting to loose sleep all over again.
Thanks!

I agree with the 2nd poster as well.. Tell em to come and get it if that is the case.. HIGHLY unlikely that they will.. What use would used, torn up flooring be to them? NOTHING!! Plus, they have to pay someone to come and do it..

BUT,, be prepared.. you never know what they are capable of.. Just know that it COULD happen and be prepared with some linoleum or something.. Have a game plan!!

[carla107]

more about reaffirming this debt

The legal assistant told me that if I can't afford to pay the whole thing back that I should put in writting what I could afford. I think I'll make a lower offer with two payments due within a couple of months. I don't know if they will go for it but I don't think that I have a choice. My attorney is not giving me much advise on this matter.
Thanks again!