PMSI w/ store credit card and Schedule D

[mb10240]

I have a store credit card (specifically Best Buy) that as far as I'm aware, establishes a purchase money security interest on whatever you still owe a balance on with the card. Back in April, I purchased an iPad with my card, and still owe about $450 on it. Market value on the iPad seems to be anywhere between 199-350, depending on the shape it's in. Additionally, I plan on exempting it with a "tools of the trade" exemption, as I have used it for legal research purposes and have even drafted petitions on the device (see signature).

Does HSBC need to be listed on Schedule D as a secured creditor (please, don't reply with "all credit cards are unsecured.")? Has anybody not listed a store card creating a PMSI in Schedule D? How should I treat this?

[tcreegan]

Hi mrbrown2195,

You can list it under secured creditors but it probably isn't really necessary.

What you need to do is ignore the letters they will send as soon as you file. They will try to bully you into sending cash or reaffirming the debt; 'we will take legal action' 'you must reaffirm or send $$' etc Don't be fooled, they only want $$ and if you ignore them they will go away.

Good luck with your filing!

Tom in Colo