Crate and Barrel question

[jenski]

we've filed a chapter 13. our payback amount will be more than 50% of our total debt.

crate and barrel is listed as a secured debt. has anyone had any experience with this creditor - will they try and repossess, or since we're paying back so much, will they let it go?

anyone? we live in colorado.

[lrprn]

Crate and Barrel does not want your used 'whatevers'. They are going to be paid 50% of what you owe. They'll be more than content with that.

If you had filed Ch 7, the chances of them coming after whatever you purchased paying them back NOTHING would be about zero anyway. Unless it's a valuable item with an easy resale value over $1K, creditors want your cash, not your used stuff back.

Ask your lawyer to be certain, but I'm betting he/she is going to tell you that you have no worries. Really.

[CindyLou]

I BK'd Crate and Barrell...they were not a secured debt. Why were they listed as secured?

[jenski]

I BK'd Crate and Barrell...they were not a secured debt. Why were they listed as secured?

i'm guessing it was the bedroom set we purchased.

[CindyLou]

Still, they are a credit card just the same. IMO they should be listed as unsecured.

If in fact it is listed as secured, they will be getting 100%, right? Only the unsecureds get a percentage.