home depot credit services debt

[paul smith]

Hi, I didn't see any info specific to my situation. I am probably going CH 7 within a few months and have about $16k in unpaid home depot credit card charges of which about 50% was recent purchases of appliances.

Are the appliances elligible for repossession? If so, is that common?

Thanks in advance

[GreenInkOnPaper]

How recent? And will you file more than 90 days from now?
Home Depot uses Citibank, I believe...is it a Home Depot charge card, or a home Depot Visa/Mastercard credit card?

[paul smith]

How recent? And will you file more than 90 days from now?
Home Depot uses Citibank, I believe...is it a Home Depot charge card, or a home Depot Visa/Mastercard credit card?

The Charges were made in Oct and Nov. I would be filing outside of 90 days from now (April/May 09). It's a Home Depot Charge Card (no visa/mastercard logo).

[jessegirl]

You should be fine.

[justbroke]

Are the appliances elligible for repossession? If so, is that common?

You should be fine... however...

They are considered secured purchases. Specifically, CitiGroup has a purchase money security interest (PMSI) in all those things you purchased with your Home Depot card.

While they generally file "unsecured claims", they may file a secured claim, meaning they intend to enforce their security agreement and lien on those products you purchased.

Again, while it's probable that they'll go after it as secured, it is more likely that they won't.

It's doesn't matter that anything was purchased outside of 90 days when it comes to PMSI liens!