Select Comfort and Boflex

[cheli13]

I'm new here and have a question... I'm still paying (stopped paying CC per lawyer) on my Select Comfort Numbers Bed and a Bowflex. The lawyer asked if we have any furniture we are still paying for at any stores. I said no. These 2 things I didn't even think about when he asked the question. I'm going in on Monday to hand in my filing fee and the lawyer fee. I got an email from the lawyers office saying that they would like to file on Monday or Tues. What do I do now? Is this something that I need to tell them I have? Will the to companies want these 2 things back? We have this bed because of my back and the Bowflex for the hubby and I. We are both physically disabled (both on SSDI, only income, 2 kids get payments under us) and we both use this for muscle strengthening. I have been searching for like 6 hours to find anything on the Internet about this. Any help would be wonderful. We live in Chicago if that helps anyone in giving me an answer. We are keeping my car and we don't have anything of great value. We figured the whole house of things is worth 1,500. We don't own a house just renting an apartment. We also fall under the amount of income allowed by 20,000. so we are filing Chapter 7. I hope I provided enough info. Thanks in advance!

[Flamingo]

First, advise your lawyer of your error. Secondly, your answer lies in your financial paperwork when you signed for the credit for these items. If they have a "secured interest" in the items, you can expect problems. Talk to your lawyer.

[cheli13]

Flamingo....Thank you for your reply. I figured as much. I hope they don't want the 2 items back. Is there anyway I can try to keep these? I heard of a reaffirm but I wouldn't want to do that but just might have to to keep the stuff. I really wouldn't care but medically these 2 items are helping us.

The Bowflex was bought 10/08 and still owe 1,685.25
The Select Comfort was bought 1/08 and still owe 2,572.92

Does anyone really think they would go after us?

[BCA2009]

Flamingo....Thank you for your reply. I figured as much. I hope they don't want the 2 items back. Is there anyway I can try to keep these? I heard of a reaffirm but I wouldn't want to do that but just might have to to keep the stuff. I really wouldn't care but medically these 2 items are helping us.

The Bowflex was bought 10/08 and still owe 1,685.25
The Select Comfort was bought 1/08 and still owe 2,572.92

Does anyone really think they would go after us?

First, did you buy them with a regular credit card or a store card like a best buy card?

If a regualr credit card (visa /master card, etc). They are not secured. In addition, alot of "store" cards are not secured either. Sears, Lowes and others farm out their credit casd services and they aren't secured either.

So if it is a store card, you need to look at the credit application or maybe the statements to find out.

If it is secured you need to list it as secured in the filing papers. If I was not "absolutely sure" i would list it as unsecured and let the store file some sort of motion to correct it. Which they won't do because it's not worth it.

If you do file it as secured, they may send you a letter after discharge asking for the items back or giving you the option to pay for them to keep the items.

Ignore them they will drop it. At the end of the day, they only way to repo items inside your house is for you to voluntarily let them in to get them, or they file a motion with the court to compel you to do so.

All of these things will cost them money to get back items that aren't worth $500 combined.

There is a 99.99% chance that you have nothing to worry about.

[cheli13]

The Bowflex is covered by HSBC and it is secured per the paperwork that came with the card. We ordered the Bowflex over the phone with someone that worked at Bowflex. Not sure if this would be a type of a store card or an Internet based card.

The Select Comfort Numbers Bed is covered by GE Money Bank and is secured per the paperwork that came with the card. We walked into a store that was operated by Select Comfort at our local mall. They ran a credit check and said we were approved and mailed (UPS) our bed to us. So I'm not sure if this would be a store type credit card or an Internet based card.


If we list this as a secured items then what does this mean? If we don't what will happen? What do you think we should do? Very confused.

[AlmostAmos]

What this means... It means you can discharge the debt but they still have a security interest on the item. I would file Ch 7 and list is as an unsecured debt. If they object to this, you'll have the option of redeeming it (paying some value for it), reaffirming the debt (stupid IMHO), or surrendering it. If it came to this, I would tell them I'm going to surrender it & then let them worrying about picking it up @ your convenience. I seriously doubt they'll do this - what do they want a used piece of exercise equipment (or a bed) for?

[BCA2009]

The Bowflex is covered by HSBC and it is secured per the paperwork that came with the card. We ordered the Bowflex over the phone with someone that worked at Bowflex. Not sure if this would be a type of a store card or an Internet based card.

The Select Comfort Numbers Bed is covered by GE Money Bank and is secured per the paperwork that came with the card. We walked into a store that was operated by Select Comfort at our local mall. They ran a credit check and said we were approved and mailed (UPS) our bed to us. So I'm not sure if this would be a store type credit card or an Internet based card.


If we list this as a secured items then what does this mean? If we don't what will happen? What do you think we should do? Very confused.

Neither HSBC nor GE Money would have a secured interest in those items. The purchase money secured interest must be on a store card where the store actually holds the debt. In your case HSBC and GE money actually paid for your items and you are paying them back not the store.

So do not list them as secured and they can't take them back.

[cheli13]

Thank you for the help....I just get so nervous about this whole mess. I'm just trying to stay one step ahead of this. It helps me stress less. LOL I think I'm still stressing majorly. ha ha ha!

[BCA2009]

Thank you for the help....I just get so nervous about this whole mess. I'm just trying to stay one step ahead of this. It helps me stress less. LOL I think I'm still stressing majorly. ha ha ha!

Stressing about the little things is just part of the process. That's the best thing about this board. Those of us that have been thru the process can hopefully help reduce that stress. Just ask questions and hopefully someone will know the answer. If not we can give moral support.

Good Luck

[cheli13]

Thank you so much for all the info. We are going to leave everything the way it is. I listed the 2 as a creditor and it will be just like all the other CC as an unsecured debt.

BCA2009....I can't wait for this to be all over...GRRR! ha ha ha You helped me calm done a bit.

[flyinbroke]

See this is not what my lawyers told me. I bought furniture with the store's card which is backed by Wells Fargo. Does not matter if it is a big bank, if it is secured, they can repo said stuff. Since you yourself said these institutions have secured interest, you are going to have problems.

Listen to Flamingo....inform your lawyer of your mistake, sooner than later. He or she will tell you what to do.

[cheli13]

Soooooo confused!!!!!! Ha ha ha!

[catleg]

I'm in agreement with BCA2009. These creditors know this stuff is junk and has no value to them. I had Home Depot and Dell in mine, same deal.

You did list these creditors on your petition, correct? If you forgot them you should add them, it will be easy for the lawyer, most of them use software called Best Case and will just reprint a new page. You probably don't even have to see the lawyer, you can just call, fax, or email the info. Unlike most
contracts, where every change has to be initialled, your lawyer can add things to your filing, you'll just get asked at the 341 "have you read this, is it all true and correct and represent your wishes?"

[zacm]

AlmostAmos in above thread hit the nail on the head. Speaking from my experience, After discharge they may contact you to try and convince you to return the product to them. Advise them that you have not given them permission to contact you and that they need to go through your attorney. If you listed them as an unsecured debt and they did not contest it at the creditors hearing, then they are bound to go through the court system after discharge to prove that it is a secured debt. It's highly unlikely that they would do all that as they would lose money in the end.

I would never consider doing anything like this, it's their product and they deserve it back. My financial situation was caused by a sudden and non preventable illness, it was no pleasure watching my impeccable credit go down the toilet. When these creditors started to harass me big time, that was when I got the i don't care attitude. One creditor threatened to call every relative that he could find and embarrass us, and they did just that.

Having to file for Bankruptcy was the most difficult decision we had to make.