Household furniture and Bankruptcy

April 14th, 2007 by Questions

I bought furniture for my house in November 2006 charging 3200 dollars to a store credit card\’s deferred payment plan. I paid the taxes and the delivery charge (about 550 dollars).

The problem is that I may have to declare bankruptcy soon. The reason for the bankruptcy is my unemployment since February 2007.

Will the purchase be viewed negatively in a bankruptcy? How will those items be treated in a bankruptcy? The store does not appear to have a security interest on those items.

The store had advertised an effective 65 percent discount and we had put off buying a replacement for our badly worn furniture for 10 years. This offer seemed too good to pass up , I had no idea about the impending layoff and we were honestly not trying to defraud anybody by buying these.

Questions

One Response to “Household furniture and Bankruptcy”



, A licensed trustee said:

Unfortunately, we require more information in order to give you a useful aswer.

I suggest you use the links to find a trustee in your area and call them regarding your situation. Have yiour bill of sale and payment contract ready as the trustee will probably want to review those items with you to determine whether or not the furniture store registered a lien on your purchase. A lien is simply a legal term that means they may have the right to repossess the furniure if you don’t make the required payments.

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