I have a debt consolidation loan I got a few years ago and I'm putting it in my Chapter 7 Bankruptcy I'm getting ready to do. My computer is the only item I listed as collateral $700 is what they put it was worth and I bought it at Walmart for $500 two years ago. Will I loose it when this goes into my bankruptcy. I can afford to get a new one in about a month from Walmart but would really like to hold onto it. Any idea's on how I can keep it?
2006-09-07 17:45:53 · 5 answers · asked by slytherin_95 4 in Business & Finance ➔ Personal Finance
Every state allows a certain amount of personal property to be exempt. It's fairly generous so unless you own a very lot of stuff, you are safe.
Who placed the computer at such a high value? Unless that computer was upgraded and is really loaded, it nowhere near worth $700. Someone is inflating the value of your property, so don't let them get away with it.
2006-09-08 01:33:55 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It depends on the provisions your state has for keeping personal property. Most states allow you to keep property up to a certain 'value'. Other states simply go by Federal guidelines. Odds are, you should have more than enough allowenced under the property you can keep laws to keep the computer.
Besides, it takes a LOT of time and effort for the bankruptcy court to take your stuff and sell it. Honestly, I doubt that they would go to the effort to take a computer that is probably basicly worthless today.
Be sure to declare it on your personal possessions list just the same.
Good luck.
2006-09-08 00:49:24 · answer #2 · answered by the master of truth 4 · 1⤊ 0⤋
Actual the computer degrades in value. The computer should be worth less. So you need to inform your attorney that computer value is less. If it is part of the loan-not a credit card. You will need to reinstate that part of the loan so you can keep it. They will allow you to keep it, if you use it for work or looking for a job.
If you paid cash for the computer. There is no way they can tell you got it using the loan. I didn't include my computer in my bankruptcy because it was part of the Credit Card.
You usually don't have to include what you purchase with your card because you can not return what you eat.
Tip-if they want it back remove the hard drive. Tell them that for security reasons.
2006-09-08 08:28:52 · answer #3 · answered by webworm90 4 · 0⤊ 0⤋
Alot of places will give you option to keep. Car companies definately will, they lose more money trying to re sell than allowing you to keep it and make the payments. I don't think it will benefit them to take back the computer, If you can make payments, it should be fine.
2006-09-08 00:48:22 · answer #4 · answered by Fleur de Lis 7 · 0⤊ 0⤋
if they take you aren't losing a $500 computer in reality as the same computer probably cost $200 today or maybe even less on ebay or simialr site
2006-09-08 01:08:56 · answer #5 · answered by ken 3 · 0⤊ 0⤋