I have a ring I bought from Helzberg Diamonds and I still owe on it for the credit card... I'm afraid I'm going to be filing bankruptcy soon. Does anyone have any experience with this... Do they ask for the diamond ring back? And what if I sold the bracelet I blought there for money to pay bills?
2007-11-26 03:20:08 · 2 answers · asked by S M 2 in Business & Finance ➔ Personal Finance
Most likely you won't have to give the ring back. Credit card debt is 'unsecured' debt in general. You may have signed something to contrary when you signed the credit agreement with Helzberg. Read what you signed to see.
The other issue is timing. If you 'bought' the ring only a few months before declaring bankruptcy they will say it was with intent. You never intended on paying them back. Fraud can carry jail time (or maybe the return of jewelry).
good luck to you, it sounds like you could use some!
2007-11-26 06:01:35 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Credit cards are "unsecured" debts. They can not ask for the jewelry back.
2007-11-26 12:35:00 · answer #2 · answered by Slassy Girl 6 · 0⤊ 1⤋