Store CC's and New Law Question

[SinkingFast]

http://www.bankruptcyforum.com/showt...ighlight=sears

[bkfiler]

not sure why they are listing thing separate. my attorney lumped them all together for the most part. maybe a new law thing.

store cards can get tricky. the creditor, if properly filed with the state, could have a lien against the property purschased. if so then if you still have it then you might have to give it back or pay for it to keep it.

thats where the changes in the law might be getting attys to make clients fill these items out a littel more clearer then before. something maybe to to do with secured debt, retail value listings, no cram downs, etc. i dont know.

i wouldnt worry about it. if you dont have it or its not worth much anymore then its going to take a lot of work for them to come get it. i dont think anything changed like that from before except maybe some peoples calculations for secured type debt.

remember that the atty needs to have a single all-encompassing for for everyones case.

[SinkingFast]

That just threw me seeing that question in the attny's packet and the listing in that BK file. Maybe broken out like that due to the Ch 7???

I have a cooktop, a built in oven, a dishwasher, and a fridge all Kenmore, purchased at various times over the years, on a Sears Gold MC.

If they ask if we wanna pay or they will take them back, we'll say they can have em. All the appliances are in the house for sale in another state that we're giving up in BK anyway. Could you imagine whoever buys the house when they realize there's no kitchen appliances??

[bkfiler]

MC and VISA is diff then store card. there is no secured issue with them.

[Graphic]

So would something like Best Buy be secure? I have like 1500 with them.. probably up to like 2500 now with interest no telling what they've been charging. Would it not be dischargeable? Just curious

[bkfiler]

if its a best buy store and not a VIAS MC then its a 'secured' card. question is are they going to try to collect, take time, money, etc.

think of it as a money thing. would you try to collect if you were them considering the context in which you bought it?

[Graphic]

I see. So will if they do object what will they do, ask for the money ? Or the products? Either way doesn't bother me lol, I would actually pay them I might not even put them on the petition, just because it's my favorite store lol. As bad as that may sound. I'm sure I will put it on there but makes me wonder if they'll object now.

The only thign I really bought on it was a computer monitor and a tv...mouse and various little items. So do you think they will try to take it back?

[bkfiler]

i doubt they will, but you know better due to prices. it just all depends on what it is.

they could contact your attorney during the bk process and ask for the money. your attorney will tell them go away maybe. they could file a replevin but it costs money. or maybe wait until after the discharge and collect.

doesnt happen often anymore and if they do call people tell them they dont have the products anymore mostly.

[FoolAndHisMoney]

I think this is where you have to list actual replacement value. Pretty much any secured property less then 2 1/2 years old has to have replacement value. It's the property that has no security interest that can be set at garage sale prices. Store credit items are usually considered secured and they must be valued at replacement costs.

This is again why those like mbna that pushed hard for the law just put themselves further to the back of the line. With secured creditors getting more money mbna will get less at least in chapter 13s.

[SinkingFast]

I think this is where you have to list actual replacement value. Pretty much any secured property less then 2 1/2 years old has to have replacement value. It's the property that has no security interest that can be set at garage sale prices. Store credit items are usually considered secured and they must be valued at replacement costs.

This is again why those like mbna that pushed hard for the law just put themselves further to the back of the line. With secured creditors getting more money mbna will get less at least in chapter 13s.

That's part of what got me on this BK filing.

The people bought the stuff 3 years ago. Purchase date was Jan 02. The BK petition lists the actual purchase price from 3 years ago on Sched D and the current value on Sched C as the same.

[so-beyond-broke]

How would you value something older than 3 years?

Hi Fool&HisMoney:

I purchased a computer from Sears 4 years ago this month and it was $1,000. It's now in my kids room, but its suffered from 2 crashes, the floppy drive is broken and I just found out the DVD-ROM player is broken too. Since you suggested that anything less than 2 1/2 yrs old should have it replacement cost listed, what should I list mine? Computers are more powerful and have more things on them today than they did 4 yrs ago. For the $$ I spent then I could get a computer 3x the speed, hard drive, etc. Just curious. I would fix these things, but I would hate to have Sears try to take it or would they bother?

so-beyond-broke

I think this is where you have to list actual replacement value. Pretty much any secured property less then 2 1/2 years old has to have replacement value. It's the property that has no security interest that can be set at garage sale prices. Store credit items are usually considered secured and they must be valued at replacement costs.

This is again why those like mbna that pushed hard for the law just put themselves further to the back of the line. With secured creditors getting more money mbna will get less at least in chapter 13s.

[bkfiler]

if the law does say 2 1/2 year for using retail value then you are past that. so list it as much as you could get for it at a garage sale imo.

many things can be grouped together into household items however. also, if you bought it with a credit card like visa, mc then thats not a secured item anyways. and most times they wont collect on it anyways so im not so sure i would list it in that section.

[SinkingFast]

I was working on values of items over the weekend, So. Goodwill sells computers, even laptops, for $20 up to $100 was the highest price I saw. $20-$30 will buy a tower or a laptop with problems. $100 was a fully functional laptop or desktop with monitor, speakers, the whole works. In your case, with things that don't work, you'd prolly be safe with a lower value.

Funny. Used, 10 year old sofa or used computer. Both worth about the same. $50 seemed to be a good average price for either one.

OK,....... So why the 2 and 1/2 year deal on values if the look back period is one year??

[so-beyond-broke]

Would you mind sharing your resources for valuing items?

Can you direct me in the right direction on where to look for values on items? Does goodwill have a website for this, or you walked into a local goodwill and looked up the prices yourself? I'd like to start placing values on my stuff.

so-beyond-broke

I was working on values of items over the weekend, So. Goodwill sells computers, even laptops, for $20 up to $100 was the highest price I saw. $20-$30 will buy a tower or a laptop with problems. $100 was a fully functional laptop or desktop with monitor, speakers, the whole works. In your case, with things that don't work, you'd prolly be safe with a lower value.

Funny. Used, 10 year old sofa or used computer. Both worth about the same. $50 seemed to be a good average price for either one.

OK,....... So why the 2 and 1/2 year deal on values if the look back period is one year??

[SinkingFast]

I looked on the Goodwill website over the weekend.

http://www.shopgoodwill.com/

It took me a bit to find the on-line "store". It's really an auction. But many of the more "expensive" things, Goodwill sets an opening bid.