Why would they ask that?

[Brookamy]

I will be filing chapter 7 soon. Today Wells Fargo called me. We had gotten financing/credit card with them threw the jewelry store to get my wedding ring. It is a secure loan for about $3,000. We are about two months late. I gave them the same answer I give all of them....that I am going to file, etc... He then asked me "what is the item you purchased?" and "where is the item?" I told him the truth. That is a ring and that I have it.

Why would he ask? Was I wrong in my answer? Should I be worried since I was told it was a secure debt?

[soleprop]

i think they're just making plans to come get it when the time is right...

[magyar123]

Did you buy the ring with the Wells Fargo credit card, or did you get a loan from them to buy the ring? Big difference. If with the credit card it's an unsecured charge. If when you got the loan and admitted that it's for a ring then it's a secured item.

[Brookamy]

We got financed through the jewelry store when we got the ring...we got a credit card to use in the store as well. It is a secured debt. So they will take the ring? Can't we reafirm on this after the BK? I would of continued to make payments towards it but didn't want to worry about any preferrential payments....

Should I pay on it? Should I wait? I don't want to lose my ring....

[treehugger1]

This is a tough one for some folks. I filed a BK in 1982. I was married at the time, and if I recall correctly, we gave a wedding ring back. What is more important to you, your wedding ring or a fresh start in life with your loved one? If you get through the BK successfully and add a monthly amount to your budget for a future replacement ring, you can have a very fine ring and feel strong about yourselves when you walk in and pay cash. Best to you.