Specifically, it's a TV purchased w/ a Best Buy credit card (which is actually financed by Household Bank.) I read the fine print on the credit application, and this IS considered a secured loan. The bankruptcy will be considered officially discharged in about 2 weeks. As of yet, they have not contacted my lawyer regarding reaffirming the debt. I'm asking because whether or not I keep the TV will affect some other decisions I need to make such as buying an HD tuner and antenna. At what point can I assume I get to keep the television?
2006-10-08 05:44:39 · 4 answers · asked by repo man 1 in Politics & Government ➔ Law & Ethics
Just becaue the contract provides for a debt to be secured doesn't mean that it is: credit card companies' claims are often unsecured. There was a series of Sears, Roebuck cases on that.
I haven't practiced bankruptcy law in some years. You can assume that the period for filing adversarial proceedings is over and then when the case is closed and you are discharged, you are home free.
Most lawyers say that you should almost NEVER reaffirm a debt. The stuff -- TVs and household goods especially -- are never worth the unpaid balance. And cars rarely are.
Good luck. If you need more info, read the Nolo Press book http://www.nolo.com and if that's not enough your county law library may have the NCLC lawyer's manual and certainly will have other bankrutpcy treatises that provide authoritative answers. Not like Y! Q/A.
A final note: as the other person said, stop buying stuff, at least stop buying stuff retail. Go to eBay. Buy other people's mistakes, cheap.
2006-10-08 05:53:52 · answer #1 · answered by Anonymous · 3⤊ 0⤋
Why are you filing Chapter 7? when your still buying crap? Grow up!! If you can afford to Buy HD tuner and antenna, then you can afford to pay your debts first. That is the adult responsible thing to do. The rest of the adult world does it!
My comments were not immature they were the truth!
If my comments hit home then that's your problem.
Your the one who spent the money.
Immaturity is when you don't take responsible for your own actions!!
Try having bad credit because someone else ran your credit cards up.
I have spent the last 5 years trying to get it straightened out.
I still have collectors calling me. I change my phone number about once a year.
And the kicker is I can't file bankruptcy on others peoples debt but they sure as hell harass me about it!
Guilt is not a becoming virtue of a debt-addict!
You keep trying to rationalize to me your behavior. I am not the one you need to come clean with on Yahoo Q&A.
First step in recovery is atmitting your defeated. Then go from there. Your wanting absolution from others. It is not obtainable.
Your Question on here was like asking if it was okay.
Well your going to get some opinion and I am a German Cherokee Taurus. And I have the balls to give it!! lolol Oh and a redhead too! lol
2006-10-08 12:53:30 · answer #2 · answered by kitkatish1962 5 · 0⤊ 0⤋
It depends on whether you told the truth to the bankruptcy court., and whether the whole balance of the Best Buy card was discharged. Did the court ask you if you had any secured debt? Did you mention Best Buy? Or did you just tell them Best Buy was unsecured?
Also did you tell the court about 100% of your assets and income? If so, how do you have enough left to buy HD stuff?
If you told the whole truth, and Best Buy was completely discharged, you can probably keep the TV.
If you didn't tell the whole truth, you aren't going to get much sleep for a long time. They can ruin your life anytime they find out. The TV will be nothing compared to that.
2006-10-08 13:25:03 · answer #3 · answered by x4294967296 6 · 1⤊ 0⤋
It depends on the bank, they are friendly to customers but they can't let others money go down the drain,can they.
Keep your TV till they take it.
2006-10-08 12:56:45 · answer #4 · answered by SKG R 6 · 1⤊ 0⤋