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Surrender or Reaffirm and have judge deny?

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    #1

    Surrender or Reaffirm and have judge deny?

    This is the hardest thing about this whole process!!! I have a shed that I thought was a non secure item but I guess it's secure. They just sent a letter about reaffermation. Just had my 341 meeting today and I know I have to amend my schedules to reflect this (((STUPID))) shed!!! Here's my "What would you do" question. Would you go through the reaffermation process(sure that judge will not grant it...hardship) or just amend form 8 to surrender item? Reaffermation amount is only $1400. Does anyone have experience with surrending items with little value? Will they really go to the trouble and expence of removing this shed??
    Thanks
    P
    Tags: None
    #2
    Hard to say if they would remove the shed. If your yard is fenced, perhaps get a big intimidating dog. Lol!
    Seriously though, it is hard for us to say what they will and will not do. Personally, I would not reaffirm. If they did come and get it (which I doubt), get a replacement at a home supply store for a couple hundred bucks. It may be smaller, or not as "pretty" but 1400.00 is too much for me to pay for a used shed because that is basically what you'd be doing.
    Also, check your paperwork. Just because they say it is secured, does not mean it is.
    8-07-09-filed Chapter 7
    11-18-09-DISCHARGED!!

    Life is not what challenges you face, but how you face those challenges.

    Comment

      #3
      Do not reaffirm. If you think they may take their shed you are free to negotiate a buyout from them in exchange for removing the lien. It's hardly likely anyone would try to repossess a used garden shed worth less than $1,400. Personally, I would call their bluff and ignore them.
      Well, I did. Every one of 'em. Mostly I remember the last one. The wild finish. A guy standing on a station platform in the rain with a comical look in his face because his insides have been kicked out. -Rick

      Comment

        #4
        Hi pmac,

        Just had my 341 meeting today and I know I have to amend my schedules to reflect this (((STUPID))) shed!!!
        Did this get discussed at the 341? Did the trustee tell you that you had to amend?

        Here's my "What would you do" question. Would you go through the reaffermation process(sure that judge will not grant it...hardship)
        ....no

        or just amend form 8 to surrender item? .....no

        Does anyone have experience with surrending items with little value? ....all kinds of posts, furniture, Sears, Best Buy purchases, some song each time: letters to get debtor to cough up cash, don't give them anything, they go away.

        Will they really go to the trouble and expence of removing this shed?? ....not a chance

        No need to stress, take a deep breath...let it out slowly...relax...

        Tom in Colo
        Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

        Comment

          #5
          Originally posted by NoMoreCards View Post
          Hard to say if they would remove the shed. If your yard is fenced, perhaps get a big intimidating dog. Lol!
          Seriously though, it is hard for us to say what they will and will not do. Personally, I would not reaffirm. If they did come and get it (which I doubt), get a replacement at a home supply store for a couple hundred bucks. It may be smaller, or not as "pretty" but 1400.00 is too much for me to pay for a used shed because that is basically what you'd be doing.
          Also, check your paperwork. Just because they say it is secured, does not mean it is.
          2nding!

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