Furniture & Appliances

[eltaur2000]

Are furniture and appliances that I still owe to Best Buy and The Room Place assets?

If they are how are they calculated?

If they are secured debt scurities do they count as assets?

I owe more on my furniture that what it's worth???

So I have to claim it as an asset and still pay it at full price?

Has anyone gotten a furniture store or BB card to be declared a unsecure debt.

It's jus confusing why would I have to claim as an asset something that it's really not mine yet. They technically will not be mine till the end of the 60 months. I know I have to pay them and it's fine.

But for caculating liquidity they are not worth anything. Becuase secured lenders get the first crack at them correct? So why will their liquidation be used to calculate the amount for unsecured lenders.

[eltaur2000]

I'm so impulsive and inpatient.... Since nobody answered my questions I had to text my lawyer to ask him. Got to love an attorney you can text, I hate small talk. Texts get to the point like forums LOL

Because it's secured debt the actual liquidity worth is taken after the loan. So basically all my appliances and furniture is under water.

My only true asset is my watch. Maybe a dinning room table and chairs that were purchased on a credit card.

The resale worth is probably a few hundred bucks.....

I have a watch 5000 on ebay and about 1000 in the table, drill, and other small items.

My total amount of exempt asset worth is $2000 at the most.

This puts me right at $600 including my secure debt, unsecured debt, car payment, and attorney/trustee fee's.

This is only getting better and better.....

[mountanddo]

I think my attorney would kill me if I texted her. We don't have that kind of relationship! LOL, but good for you cause I know what it is like to want fast answers.

[karm43]

Let me know when u find the answer.

[catleg]

I think that these things are normally considered unsecured especially if the financing company is a 3rd party not the retailer.

Sears got slapped good in the 90's for trying to enforce reaffirmation agreements on household goods. At the time I think they ran their own credit card operations.

Dell normally files as an unsecured creditor, Best Buy normally sends threatening letters to its debtors but generally doesn't follow up with the threats. Don't know about Room Place.

[karm43]

So what your saying if you got furniture and financed it with a loan company it is unsecured? Wouldn't the furniture make it secure? Just wondering.

[AngelinaCatHub]

So what your saying if you got furniture and financed it with a loan company it is unsecured? Wouldn't the furniture make it secure? Just wondering.

Yes, depending on the paperwork, it is secured debt. Not likely to be picked up though as the depreciation on furniture is worse than a car. Best Buy has it written in their CC paperwork that what you buy there is chattel and is secured debt. They rarely will pick it up though. 'Hub

[eltaur2000]

My attorney said they were both secured debt but they are subjected to the same rules as a car or home. It's the actual current worth - the loan value which makes furniture be actually worth nothing.

Used furniture is basically Thrift and you cant get anything close to Retail in pristine condition your lucky if you get 35% - 40% of what you paid retail.

The appliances and TV's are the same. Your lucky if you get 40% on retail with the loans this makes it worth less.

The asset calculations makes this a benefit because this means a that your secured creditors will have get less $. This matters when you are trying to fit it a car payment into your DMI.

[karm43]

wow thats great!