Secured debt

[karm43]

If a secure debt was charged off, is it still secure? Exp furniture.

[tobee43]

i'm probably not a HUGE help on this, however, from what i have seen there are certain credit contracts that survive or withstand a bk; i.e. dell computers, best buy and some furniture store contacts.

i'm certain someone else will chime in with more detail that have gone through that. we have joked a few times about letting the cat and dog sleep and eat and whatever on the sofa and then tell the company to come and get it. i really haven't heard many that really have. most attempt to see if they can still get some money from you.

best of luck with this!

[HHM]

Yes, still technically secured, but security interests in household goods, from a practical standpoint, are not treated as secured in that they rarely repo the items.

[karm43]

Guess it all depends, Thanks

[catleg]

If it's charged off, then almost by definition it was unsecured.
Because the law regarding bank accounting is very strict requiring charge off of unsecured loans after 180 days late.
I forget where I read this, and I've only seen it once, but I read once that a retailer who finances a purchase in-house has a security interest in the article, but not when a third party finance company (bank) is the creditor.
I don't know if it's true but it seems to be the common practice.
I believe there has to be a UCC-1 filing for a loan to be secured by collateral.
But I think that's mostly relevant to business property.