musical instruments luxury items?

[floridian]

what about my saxophone... its financed, do you think ill have to return it? i sold the one that wasnt financed, to pay the lawyer..

[lrprn]

what about my saxophone... its financed, do you think ill have to return it? i sold the one that wasnt financed, to pay the lawyer..

How much is the sax worth? How much equity do you have in it right now? Do you play the sax for a living? (I'm thinking tools-of-the-trade.)

If it's not a rare, valuable instrument and has less than $1K in equity, you could protect it using FL's $1K wildcard if you aren't using the wild card for something else - http://www.legalhelpers.com/us-feder...xemptions.html

Remind me - are you filing Ch 7 or 13?

[floridian]

i bought it new last year for 5000 bucks (yep, its a fancy one, msrp is 8600 bucks) and its worth a bit less than i owe on it..... i dont play for money... i could probably get 3000 for it now, as in upside down....payments on it are about 150 per month... (i noticed in the credit app when i bought it, that if you had a bk in the last 10 years, dont bother applying..

[OhioFiler]

Sounds like you can do a ride through on it. Let them demand you return it. Make your intention to reaffirm.

[BKParalegal]

Ohiofiler, please be careful throwing around terms like ride through or reaffirm, when we are talking about a household goods item. In this economy, the saxaphone is worth very little compared to what you owe. Standard Operating procedure is to list the item as an unsecured debt, and wait to see if the finance company contacts your attorney, if they do, generally they blow them off, because most finance companies know it isn't worth pursuing. If in fact they do, then save your sheckels and cash it out for fair market value (read: garage sale value). Reaffirm, my ass!

Good Luck

[Flamingo]

what about my saxophone... its financed, do you think ill have to return it? i sold the one that wasnt financed, to pay the lawyer..

Some musical instruments may be exempt in your state; our piano was exempt. Check on that.

[fireworks]

Hey man, what the heck kind of axe is that? I'm thinking high-end Selmer, maybe a Yamaha custom?

My wife and I are both musicians and this was a big question we had. My lawyer said to list them on the declaration at "pawn shop value." I put $1000 for my Selmer S80 and $800 for my wife's Buffet R13.

Both of those are paid for (years ago) and we're in Texas, so your situation is very different. I'm sure your lawyer can find a way.

[floridian]

keilwerth silver star...

[OhioFiler]

Ohiofiler, please be careful throwing around terms like ride through or reaffirm, when we are talking about a household goods item. In this economy, the saxaphone is worth very little compared to what you owe. Standard Operating procedure is to list the item as an unsecured debt, and wait to see if the finance company contacts your attorney, if they do, generally they blow them off, because most finance companies know it isn't worth pursuing. If in fact they do, then save your sheckels and cash it out for fair market value (read: garage sale value). Reaffirm, my ass!

Good Luck

The saxaphone is not unsecured. The lender maintained a security interest in the saxaphone. I suggested INTENT to reaffirm not DO reaffirm. It's a $3,000 instrument purchased one year ago. It most assuredly would not be valued at "garage sale" pricing.

I am careful when I "throw around terms" but thanks for your concern and advice.

[fireworks]

keilwerth silver star...

I haven't had a chance to play those. Looks like the most expensive model on wwbw - must be an incredibly smooth axe. If you don't get to keep it, I'll gladly take it off your hands.....