Secured Debt (Best Buy, etc)

[momtoroxy]

We were discharged earlier this week. We had
$2600 on Best Buy
$3000 on Lane Furniture (GE Money)
$4000 on Home Depot

All of these debts were discharged via the chapter 7 and nobody objected.

My questions is, are these technically "secured debts?" Our attorney received a reaffirmation agreement from Best Buy, but refused to let us sign it, which we didn't want to do anyway.

Am I going to start getting demands for money or the goods? What should I do?

I have seen this discussed, but not in depth. What do I tell them? Can I just say that I am broke and sold the goods, so there is nothing for them to recover?

Thanks!

[BassBoy]

The itmes you purchased ARE secured and the finance company has a legal right to repossess the items. If you're contacted, don't lie about anything. It won't do you any good. If the creditor wants whatever it is, let them have it or offer to settle. You do know that you're allowed to voluntarily repay any debt discharged in BK......in case you really wanted to keep something you bought with in-store credit. On the other hand, chances are they won't even bother to recover the items. Used items are of no value to them and it's costly for them to have items recovered. And obviously, you didn't purchase the items just before your BK or else you would have had an objection or two. And do not sell the items either. If you wish to sell them, talk with your attorney and ask when you would be in the clear to do so.

For now, just sit on this and see what transpires.

[momtoroxy]

Thanks! I have a feeling that now we are discharged, we will be getting some demands. We don't have the money to settle right now, so we'll just have to tell them that. Best Buy is two 2-year-old TVs; Home Depot is a water softening system; Lane is living room furniture. I doubt they want any of it back! LOL. Appreciate the quick response!

[OhioFiler]

Thanks! I have a feeling that now we are discharged, we will be getting some demands. We don't have the money to settle right now, so we'll just have to tell them that. Best Buy is two 2-year-old TVs; Home Depot is a water softening system; Lane is living room furniture. I doubt they want any of it back! LOL. Appreciate the quick response!

They won't want that stuff.

[creditgone]

I am a little confused....so are these kind of debts not able to be included in the bankruptcy? We have a best buy card that I bought my computer with about a year ago that I needed for school and we have furniture payments too that are about a year old too. Are these creditors going to object? or do they just want thier stuff back? you stated that they were discharged.very confused and worried.

[OhioFiler]

I am a little confused....so are these kind of debts not able to be included in the bankruptcy? We have a best buy card that I bought my computer with about a year ago that I needed for school and we have furniture payments too that are about a year old too. Are these creditors going to object? or do they just want thier stuff back? you stated that they were discharged.very confused and worried.

The DEBT is discharged but the lender still holds a security interest in the property. If the lender wants it back you have to give it to them. It RARELY happens that way.

[creditgone]

thanks! it makes sense now. so if they really want the stuff they can come get it but they don't want my used junk.

[LimpDisc]

thanks! it makes sense now. so if they really want the stuff they can come get it but they don't want my used junk.

Correct. They are hoping you will offer a cash settlement to keep the junk, but they will probably go away if ignored.

[JoeBankrupt33]

In my case (when we filed in 01), we did get a letter from a law firm for a furniture store and Best Buy. Our lawyer advised us to ignore it. That's what we did and they went away. Used furniture and computers are essentially worthless.

[BKInLA]

Anyone know how this pertains to department store cards? I just found out, in going through all our preparations, that my wife has a Macy's card that she ran up. Are they going to want us to return clothes and things purchased over the past few years?

[Faust]

Anyone know how this pertains to department store cards? I just found out, in going through all our preparations, that my wife has a Macy's card that she ran up. Are they going to want us to return clothes and things purchased over the past few years?

That's going to be a no.

[OhioFiler]

Anyone know how this pertains to department store cards? I just found out, in going through all our preparations, that my wife has a Macy's card that she ran up. Are they going to want us to return clothes and things purchased over the past few years?

Go to the Goodwill and buy a few pairs of used underwear and send them to Macy's if they ask.

[Ugh07]

I discharged a lease through CIT on an $8000 Ricoh copier. They finally called me a year after discharge and asked if i wanted to keep it, I said "how much?", they said "make an offer", I said "$250".....they said "sold", sent them a check and they signed a release to me....crazy.

[mgmadara]

Bass & Associates sent us a letter on behalf of Best Buy and also called us 1 time asking us to return secured items. Our attorney advised us to ignore them and we never heard from them again. They don't want the items, in fact they didn't even list what they wanted returned, they were just trying to get us to offer them some money.

[jalex]

We are going to be in this boat as well...Bass and Associates is already getting the ball rolling for Best Buy..they filed a request for special notice in our case. My attitude is..if they want it, they can come and get it.

I know they won't though. They just try to intimidate people by threatening to take your stuff away. I would bet that these clowns don't even know what stuff you have. They are hoping you will volunteer the information, and then volunteer to pay some money for it.