We,re in chapter 7 process and ray our and flanigan sent our lawyer a letter saying they want 2400.00 or the furniture. We bought it 2 years ago and it is not even worth that amount. One piece we had to throw away as our dog destroyed it. I dont want them to take the rest cause I can't buy new couches now. Isn,t home furnishings based on garage sale value? What should we do?
-
-
I say they're trying to call your bluff - no furniture store wants used furniture. Hopefully your lawyer will tell them if they want their collateral..come and get it, but that its been damaged / destroyed by a dog and is 2 years old. If they're going to be that demanding, also make sure that YOU dont bring it to them... they must come get it from you
. Value is garage sale, yes; There really isnt anything you can do, you have your lawyer call them out on it, whether or not they come to get their items is up to them. Usually it doesnt happen, but stranger things have been known to occur.
Goodwill / yard sales / habitat for humanity always have nice used couches if worse comes to worse. -
I had some financed furniture listed in my petition also. At my 341 my lawyer had a reaffirmation agreement from Wells Fargo Financial (who financed it) to sign. I wouldnt have signed in any case, but I dont even HAVE the furniture anymore (sold it to get by towards the end). No letter from them regarding reposession yet, but its only been 10 days since my 341 hearing, so it could come.
I guess they could file an AP if I refuse to reaffirm and they have no property to repo, but I dont think they will. Also, although technically it may have been a secured loan (I havent bothered to go back and read all the loan papers), it REPORTED on the credit bureau as a revolving credit line, NOT a finance loan...
As Pandora says, they are just trying to get money out of you. Depending on how much money it was in the first place, it may not be worth it for them to take any action. But, if they do, we are all declaring BK....if this is one of the consequences, its not the end of the world if they DO come and get it. And of course if you REALLY are worried, believe me, they will settle for some lesser amount. They dont really want your furniture.Comment
-
For the purpose of determining the asset value for your bankruptcy (and whether or not those assets fit into allowable exemptions) yes, you use the garage sale value.
But these guys have a secured claim for $2400 and the garage sale value doesn't change that.
This is the part where you let them know they're welcome to come and get what's left of it. Be sure to mention all the stairs in between the furniture and the street. Oh and that the nearest parking spot suitable for a furniture truck is half a block away. Once you help them understand the logistics, then you get the pleasure of describing the condition of furniture: how many times your drunk friends barfed on it, where the dog keeps peeing on it, and of course all the times your creepy uncle Merv kept rubbing against it. They'll be tripping all over themselves to come and get that furniture (not).OK - from now on it's not a "Bankruptcy." It's a "Weight Loss Program." I'm in. Sign me up.Comment
-
OMG Peeps, that post just made my day! I hope the OP does exactly that...call their bluff!Originally posted by Peeps View PostChapter 7 Filed: 04/21/2011, 341 Meeting: 05/31/2011, Report of No Distrubution: 06/02/2011, Discharged: 08/03/2011, Closed: 08/10/11Comment
-
-
rooms to go financed thru citi financial, never heard a peep from them, at least our atty never said anything to us about it. so we kept a couch and a dresser without any reaffirm.Filed Ch 7. Jan 14th 2011. 341 Feb. 24th 2011. DISCHARGED April 26th 2011. Closed May 10th, 2011. Huge weight off our shoulders! Scores as of 5/14/11 : TU-639, EQ-642, EXP-602Comment
-
Peppymom, if they are going to settle $2400 for the old furniture, call their bluff and write a certified letter that "they" have 30 days to collect "their" furniture but to have a paid in full receipt with the pick up crew or they will not be allowed entrance to your home. State also that if the furniture is not removed by "them" (quote Peeps notations) that you will consider it abandoned and paid in full or will start to charge "them" storage. You won't hear from them and if they attempt to AP for the money, you were perfectly cooperative and the Judge will toss their azzziz out of Court. 'HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
Comment