Beneficial/HFC Unsecured Loans

[gak555]

I started a thread related to the above topic and did not receive much feedback. I probably wasn't very clear with my question, so, I thought I'd give it another try.

I have been reading the Nolo Press book on bankruptcy and it mentions that a nonpossessory,nonpurchase money security lean is almost always created when a consumer obtains a unsecured personal loan from Beneficial Finance.

I'm not sure what that means. It sounds like their unsecured installment loans are treated differently in bankruptcy than credit card debt.

Has anyone had problems in their bankruptcy filings getting rid of Beneficial installment loan debt ?

[SinkingFast]

You can use the Search Function, upper right, and look back in old threads.

HSBC (?), Beneficial, and I think Household Finance is part of the same group,.......... They've been discussed before.

Evidently they're the backing for Best Buy and some other stores as well. There's something in the fine print, that no one reads, that gives them a security interest in items purchased and financed by them.

Sometimes it gets enforced in BK Court. Sometimes not. Old Law at least. New Law,........... Who knows?? Not enough cases yet to tell.

Sears is the same way. Use your Sears card to purchase something from Sears and Sears has a security interest in the item purchased.

Sears got hammered for being basically a pest under Old Law. New Law???

I have seen, on PACER, one attny here that broke out items purchased on a Sears card seperately in the Schedules in a New Law filing. Both in debts owed, and in property held. Don't know if that means Sears will be able to come after that or not. The case isn't old enough to be very far along.