Hi all, I searched for this topic already but couldn't find anything. I'll be retaining an attorney for BK 7 next friday and need some help with two of my cards. I was told by FNANB collectors (or whoever owns CC cards now) that the card was secured, and that anything purchased on it would be subject to repossession. I don't believe i still have any large ticket items that I bought there. My question is about the validity of this, and the process afterwards. If I choose to include this account on my BK, are they going to view my list of assets and want proof that any of the stuff was not purchased at Circuit City? Same concerns about my Best Buy card as well. I still do have one large ticket item from them, but I do not know if it is a secured card. Any responses appreciated, thanks.
go to www.chat-cards.com and look at the BK forum. In short, this is bunk. The items that you purchased are valued at "yard sale" cost, not what you paid for them, and in order for BB or Circuit City to reposses them, they'd have to file a Writ of Replevin (?) with the courts, which costs them $$$, and then have you served, which costs them more $$$, and then pay the sheriff to pick up and sell off the item, which costs them even more. The chance that they will actually try to come get the items is about 0. HOWEVER, depending on when you purchased the items and what the items are (luxury goods vs. utilitarian goods), they could try to assert fraud, claiming that you knew you were going to file BK before you bought the items. If it has been 6 months or more, you should be ok (that goes for anything you purchased on credit recently) but if you've purchased any big ticket items or gone on vacation using your cards, you might be better off waiting a bit to file. Also, don't talk to any more CAs concerning your intentions. Good luck! Poochie
