Don’t pay for a year and bankruptcy
May 28th, 2008 by Questions
If you have a don`t pay for 1 year type of credit card (e.g. a Brick card) and file for bankruptcy before the payments have started, can the company come in and repo the items you `bought` are what if anything can the do?
Posted from: British Columbia
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May 29, 2008 at 9:28 am, Barton Goth - Goth & Company Inc. - Bankruptcy Trustees said:
The credit card company cannot come and repossess these items, but that doesn’t mean you are out of the water. When you have bought itesm like this on credit and not paid for them, if you file for a bankruptcy you are not entitled to keep those assets without paying for them. So one of two things can happen. First, if you want to keep the property in question you will have to provide the full purchase price to the trustee’s office. The idea behind this is that then these monies can be divided up among all of your creditors as requried by the Bankruptcy and Insolvency Act. The second option, if you are not interested or able to purchase these assets fromt he trustee is to simply have the trsutee arrange for the items to be picked up and sold.
Either way works, but it would be best for you to contact a local trustee and discuss this further.