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Old 11-10-2016, 01:38 PM
 
Location: Places you dream of
20,195 posts, read 12,105,285 times
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Quote:
Originally Posted by jasperhobbs View Post
I don't know why they don't grab the used furniture. Sure it isn't worth much but I don't think the bankrupt person should keep it.



because they cant sell it to pay the debt---cost them more to pick it up - and in what condition--? why you want to take someone's bed? OR A CHILDS BED?
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Old 11-10-2016, 05:22 PM
 
1,168 posts, read 2,400,712 times
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Quote:
Originally Posted by jasperhobbs View Post
I don't know why they don't grab the used furniture. Sure it isn't worth much but I don't think the bankrupt person should keep it.
while you're at it why don't you have them "grab" their used eyeglasses, hearing aids, wheelchairs, canes, walkers, and orthopedic inserts? geezzzzzzzzzzzzz
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Old 11-10-2016, 07:36 PM
 
2,442 posts, read 2,068,483 times
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Originally Posted by exit82 View Post
while you're at it why don't you have them "grab" their used eyeglasses, hearing aids, wheelchairs, canes, walkers, and orthopedic inserts? geezzzzzzzzzzzzz
So you are saying I should go out and buy some great furniture, put it on a credit card and file bankruptcy and keep the furniture?
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Old 11-10-2016, 07:39 PM
 
2,442 posts, read 2,068,483 times
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Originally Posted by tinytrump View Post
because they cant sell it to pay the debt---cost them more to pick it up - and in what condition--? why you want to take someone's bed? OR A CHILDS BED?
Well if someone owed me money and wouldn't pay, the least of their worries would be their bed. I doubt they would be able to sleep much.
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Old 11-10-2016, 11:53 PM
 
Location: Metropolis IL
1,595 posts, read 1,890,013 times
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Quote:
Originally Posted by jasperhobbs View Post
So you are saying I should go out and buy some great furniture, put it on a credit card and file bankruptcy and keep the furniture?
With the major bank issued credit cards, the debt is unsecured. For the most part, today, the only secured debts are car loans and home mortgages.

If one has an installment loan with a local furniture store, that's a different story.
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Old 11-11-2016, 07:35 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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Quote:
Originally Posted by BLS2753 View Post
With the major bank issued credit cards, the debt is unsecured. For the most part, today, the only secured debts are car loans and home mortgages.

If one has an installment loan with a local furniture store, that's a different story.
I also do not think that installment loan is covered under a bankruptcy. I do not think that debt can be wiped clean.
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Old 11-11-2016, 07:54 AM
 
9,150 posts, read 7,207,884 times
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Originally Posted by golfingduo View Post
I also do not think that installment loan is covered under a bankruptcy. I do not think that debt can be wiped clean.
I think they have the opportunity to repo the furniture or whatever was purchased. The loan is only secured by the items that were bought. From what I've heard, they usually elect not to repo because it would cost more than the furniture is worth, and it's also my understanding that they cannot continue to try to collect on the loan after a bankruptcy. It's take back the furniture or nothing for them.

Now this is based on info from my relatives-by-marriage hijinks back in the late 70's through the 80's and 90's. I recall them filing 3 times in that period. I know there was a bankruptcy reform in the meantime, so that may have changed though I doubt it.
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Old 11-11-2016, 08:39 AM
 
Location: Tennessee
23,541 posts, read 17,535,380 times
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Quote:
Originally Posted by LillyLillyLilly View Post
I think they have the opportunity to repo the furniture or whatever was purchased. The loan is only secured by the items that were bought. From what I've heard, they usually elect not to repo because it would cost more than the furniture is worth, and it's also my understanding that they cannot continue to try to collect on the loan after a bankruptcy. It's take back the furniture or nothing for them.

Now this is based on info from my relatives-by-marriage hijinks back in the late 70's through the 80's and 90's. I recall them filing 3 times in that period. I know there was a bankruptcy reform in the meantime, so that may have changed though I doubt it.
If the guy were to file BK, unless the loan was collateralized, the creditor is not going to repossess the property.
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Old 11-13-2016, 07:53 AM
 
Location: Places you dream of
20,195 posts, read 12,105,285 times
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Quote:
Originally Posted by jasperhobbs View Post
So you are saying I should go out and buy some great furniture, put it on a credit card and file bankruptcy and keep the furniture?

Most people -unlike some with Orange hair-- file out of need necessity- illness- job losses- tornadoes - hurricanes- accidents- disabilities - death in the family- the court is there to rule on the WHY-- are there schemers ? some but not most- most have to scrape just for the court costs...
Then they kick you for 10 years - with bad credit- cant get a good job- low pay insurance- and so forth- if you need a car its at 30% interest rate- they consider you dirt bag-- oh they hurt you alright- so yeah why not kick them some more--
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Old 11-13-2016, 07:56 AM
 
Location: Places you dream of
20,195 posts, read 12,105,285 times
Reputation: 8764
Quote:
Originally Posted by golfingduo View Post
I also do not think that installment loan is covered under a bankruptcy. I do not think that debt can be wiped clean.

all debt less student loans and tax liens is covered under a BK7 -- at least in FL- the big items like cars and houses get reposed unless you pay them in a new contract-- FL there is homestead, but if you cant pay you just let them take it
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