Claims secured/nonsecured

[KKAB]

My NOLO book has me confused! Do my JcPenney and Circuit City Chase go on Schedule D for secured claims or Schedule F for unsecured? I just can't seem to figure this one out.
Thanks!

[HHM]

It depends on what you bought with them.

I would think that JC Penny is a standard store credit car and would be unsecured.

Circuit City is also an unsecured card--in general--but if you bought a big ticket item (i.e. Big Screen TV, etc), odds are, Circuit City "probably" has a secured interest in the TV.

[FreshLikeADaisy]

KKAB, as a pro se filer I would say to list both as unsecured on Schedule F, and if the creditor wants to pursue it, fine. Let the burden rest on the creditor in this case. They may come after a big ticket item like HHM said, but in general, even though the fine print says that the card is secured by the items purchased, in practice it is a non-starter. I mean, if I bought my granny undies at JCPenney, do they really want me to rip them off her backside, pack them in an envelope and send 'em back? I think not.

This question has come up before a number of times, but quite frankly if your largest purchase was, say, less than $1k, go with unsecured and let the creditor worry about it. And if you bought a high dollar item that actually has some resale value, be prepared to surrender it if asked. That's my opinion, at least. Good luck!!

[HHM]

Exactly...no matter what you should LIST the debts as unsecured and put the burden on the creditor to prove that the debts are secured.

But realistically, if you bought a big-ticket item from circuit city, odds are, that purchase is a secured debt.

[KKAB]

Thanks for the replies! My circuit city is a $999 laptop, so I may be safe there. I'm sure my $1300 in granny panties are not going to be touched I will go ahead and list them both as unsecured. Thanks for the help! As I'm finishing up my paperwork I'm sure I'll have some more questions!

[HHM]

Just be prepared to handle some letters and phone calls from Circuit City regarding the computer. Odds are, they are going to pressure you to reaffirm the debt, and even threaten to take the computer. All you need to do is ignore them, and 99% of the time, they go away.