Reaffirm or not reaffirm...

[deverran]

Since everyone has been most helpful I will get an opinion here. Filed, had 341 meeting (no one showed) and waiting discharge. So far the only ones stirring it up is Chase (circuit city). They sent another letter to my attorney stating that they would like me to reaffirm. He suggested either waiting it out or going to an auctioneer and getting prices to offer a settlement of sorts. Now the problem is if I would happen to just 'wait it out' could Chase cause an objection? I would love to make an offer to settle but I doubt I have enough to cover even half of the 3500. So I think I am just going to take a chance and see.. What are the board's thoughts? Thanks again folks!

[keepmine]

I'd just see what happens.

[CindyLou]

agree! wait it out. They are bluffing!

[MomIcantFindmy]

I vote to wait it out.

[epiphany]

Patiently wait IMO.

EP

[dp1969]

OMG, our 341 is on 2/19 and we, too, have a Chase (Circuit City) card. In fact, we have 2 Chase cards. They are both around $9500. I hope they don't ask us to reaffirm. We won't...no way we can.

[almost]

Dosn't this fall in to the 70/90 rule. when was the last time you purchased items.I would wait it out.

[FreshLikeADaisy]

Almost, adhering to the 70/90 rule doesn't prevent a creditor from filing an objection, it just eliminates a creditor winning the objection automatically based on the criteria in the rule. So technically, Deverran could still see a creditor objection come in at the last minute... but I agree with everyone else: wait it out. Play chicken. Yeah, I wanna reaffirm, well, maybe, I have to get with my atty, well yeah, I do, still thinking about it, definitely wanna sign, can you send me the papers, I haven't heard back from my atty, I'll sign anything to save my stuff, I haven't gotten your papers yet.... oh look, we're all out of time. So sorry.

Keep in mind, though, that with a secured loan if they want a reaff, and you don't sign the reaff, they do have the legal right to repossess the security. All you do by stringing it out is have the use of that property a bit longer. The longer it goes on, the better chance you have of them *dropping* it altogether, but if they wanted to they could still keep pestering you for the laptop. In the end, they don't want the laptop, they want the $$$. So your atty is right: wait it out, see if they go away, if they don't go away then make a counteroffer (and if it's a laptop, that counteroffer should be *low*; the value of used computers tends to drop off steeply when they are not brand new). You could even type your laptop's brand and model number into Ebay and see what it's going for there: it might surprise you how much of the value it has lost.

That, and if you do give it back to them, take the hard drive out. If you're feeling generous, buy a cheap used one (laptop HDs are standard) and put that in. But I personally would not hand anyone a hard drive that had my data on it, or had EVER had my data on it, period. If your laptop has a CD burner, you can burn your data to CD prior to taking the HD out. If you're not technically inclined, this is pretty simple stuff and you probably already know someone who could do it for you. Even if all you do is take out the HD, you're ahead of the game, and I could walk you through that in three minutes.

In any case, good luck!!!