Offering Bass & Assoc an offer?

[stormy]

I had my 341 meeting this morning; was over and done with in 5 minutes. After the meeting my lawyer told me that Bass & Ass wanted to repo my laptop that I bought from Best Buy a year ago. There was an $1000 balance that I claimed in my filing.

He asked if I wanted to surrender my laptop and I told him I had no intentions of handing it over. Then he said he was going to make them an offer of $300.

Why doesn't he tell them to just go pound sand? A year old laptop isn't worth $1000.

[ccsjoe]

You need to tell your attorney to tell them to go pound sand. When my attorney and I discussed the possibility of Home Depot (Citibank) wanting some appliances back, he told me that they usually offer good settlements. I told him unequivocally no, tell them to come and get the stuff....after following all proper legal procedures.

[wnguyen]

stormy

Bass & Assoc. sent my lawyer the same letter twice and it was forwarded to me twice and I... ignored it twice. I guess if I call my lawyer, one of the legal staff members would say I have to surrender the stuff. Heck, I don't even remember what I bough from Best Buy a year from now and none of those are in my possession now. I have one month left before the deadline for objection to expire. I'm crossing my fingers now. When I searched the Internet, many bk filers have been called and harassed by Bass & assoc. after their bk have been discharged.

[stormy]

I was really surprised that my attorney even mentioned offering them a settlement; he seemed surprised that I didn't want to just surrender my laptop.

[wnguyen]

Technically, Best Buy is entitled to the liens on the stuff that we bought from them until they're paid off. I did a lot of research on the internet and what I found (advices) were either surrender the items or redemption (reaffirmation is not a good idea). Many of them, the lawyers, advised their clients to ignored the letter, that's why I ignored it twice, see what they're doing next. Many posts here in this forum have the same thing.

[ccsjoe]

Basically your attorney can't tell you to tell them to go pound sand. The right option is "surrender laptop", i.e. come and get it.

[screentest]

My attorney sent them a letter and asked them to verify the debt. Never heard from them again....yet anyway.

No-show at the 341 as well.

ST

[tcreegan]

Best Buy Bass & Assoc

Hi all,

You need to think of this in business terms instead of legal....

Option A
Sending a threatening letter or two, making a phone call, asking for cash = low cost high profit

Option B
Taking the legal steps to repo, sending some out to get used stuff = high cost low profit

Best Buy/Bass & Assoc. Sears, whoever is in business would be foolish to not go for some quick cash. But to actually repossess stuff cost $$ and none of them sell used goods. Not profitable = not happening Guess why you see Option A scattered all across the forum, but you never see Option B

At first I was surprised at the number of people who had a lawyer telling them to reaffirm/settle/redeem/surrender instead of pound sand, but then I realized that lawyers are trained to think in legal terms, but not necessarily business reality.

Now remember to document violations of the automatic stay, that can be profitable for you!

Tom in Colo