Very Recent Best Buy Computer Purchase

[ryno]

I'm in the process of filing chapter 7 BK. I opened a best buy account and purchashed a new computer within the last 30 days.

My lawyer listed best buy as unsecured but i'm wondering what will happen?

Will it go away for now & then I will be contacted by Bass & Ass?

Any advice would be awsome

Ryan

[AngelinaCat]

Welcome to the forum.

How much was the purchase price? When are you planning on filing? If the purchase amount is a sizable sum and you file next month, Best Buy could well object on grounds of fraud. If we're talking only a few hundred dollars and you file later, you could be okay.

I am speculating here, since I don't yet have a dollar figure to think about. What does your lawyer say?

[ryno]

The laptop was $999.00
service plan $300.00
Total ==================$1,500.00

But I honestly had not even considered bk when I made the purchase my old lap top crashed and I had to get a new one to work.

WOW!!! I had not even thought about fraud

[AngelinaCat]

If you can possibly do it, hold off at least 6 months to file. Make a few--2,3--minimum payments to make it look like you are making a good-faith effort at paying this back. You want as much time to go by between this purchase and the date you file as possible. Meanwhile, if you have any other CCs or accounts, stop using them, and do your best to go 'cash only'. It will be hard, but you can do it.

[jktrading]

My attorney also listed Best Buy under unsecured. I provided the statement in their contract about the "security interest" and he still felt it wasn't going to be an issue. I don't know about you, but I sold everything I acquired through Best Buy, so they can't exactly take anything back.

If Bass & Ass. calls, I've read that ignoring them is always successful. I've never heard of anyone having them come and collect the items. They seem to only want cash.

[ryno]

I have already filed

If they give trouble about the best buy account can I then choose to omit best buy from filing and just start paying off the purchase as normal.

Ryan

[AngelinaCat]

jktrading is correct. Very seldom will someone want to repo electronics.

[AngelinaCat]

I have already filed

If they give trouble about the best buy account can I then choose to omit best buy from filing and just start paying off the purchase as normal.

Ryan

Then this is a new wrinkle. Did you buy the computer before or after you filed?

If you bought it AFTER you filed, then it is a new debt that you cannot include in the BK and you are expected to make payments like you normally would.

If you made the purchase BEFORE filing, then you cannot make side payments to them while you are going through the BK process. If you do, you run the risk of having your case dismissed.

These are things you need to discuss with your attorney.

[2Bshinyandnew]

Then this is a new wrinkle. Did you buy the computer before or after you filed?

If you bought it AFTER you filed, then it is a new debt that you cannot include in the BK and you are expected to make payments like you normally would.

If you made the purchase BEFORE filing, then you cannot make side payments to them while you are going through the BK process. If you do, you run the risk of having your case dismissed.

These are things you need to discuss with your attorney.

The OP said: "But I honestly had not even considered bk when I made the purchase"

so, we can assume his BK filing was after the purchase.

It will be interesting to see how it plays out, especially since his attorney filed the petition knowing about the recent purchase.

Please keep us posted OP!

[AlreadyFiled]

i did the same thing... but they were so kind and let me keep the items and worked out a payment plan for me. we reaffirmed and i start my new payments in march. they were nothing but helpful and kind.

[ryno]

Thanks

Ok Cool,
Who did you negotiate with and did u work this out before or after bk was discharged?

[AlreadyFiled]

best buy closed my store credit account and fwd my acct to a bankruptcy specialist who then sent a re-affirmation to my lawyer and gave me 0% interest and let me continue making payments. I think i made the call to best buy and they gave me the bk specialist info....spoke to them, then they faxed over the agreement to my lawyer for his signature and mine, and then its settled. same as new...

[AlreadyFiled]

Thanks

Ok Cool,
Who did you negotiate with and did u work this out before or after bk was discharged?

before it was discharged....

[jktrading]

i did the same thing... but they were so kind and let me keep the items and worked out a payment plan for me. we reaffirmed and i start my new payments in march. they were nothing but helpful and kind.

That's because you are paying them and making their job of collecting money from you easier. Man, I hope you guys who reaffirmed didn't owe that much. I would never reaffirm a Best Buy credit card purchase. I can see a car or home, but "stuff."

No disrespect intended folks, it just chaps my hide how Best Buy can pull this on people going BK. I would advise to treat them like a regular credit card and take it from there, "secured" or not.

[AngelinaCat]

The thing is our attorney warned us VERY sternly against entering into any side agreements or making any side payments to a creditor while the BK process was working. She said that to do so would cause us to run the risk of having our BK dismissed. She did not go into any details, and we we were too dumb to ask, but from reading other posts here, I think that if the trustee gets wind of these side arrangements, they could be viewed as 'preferrential payments.' That is, you are favoring one creditor over all the others, and it is not allowed.