will best buy reposses my tv when i file for bankruptcy chapter 7?
i had a tv and a ps3 from bestbuy. but now im going to file for bankruptcy, will best buy come to my house looking for the stuff even though i dont have it because i sold it for clothes and food. are the police gonna come knocking on my door with a search warrant to check my house to really determine if i have the stuff or not.?
Posted July 22nd, 2010 in Bankruptcy Q and A. Tagged: bankruptcy, best buy, bestbuy, clothes, ps3, search warrant.
Are you saying that you still owe a balance to Best Buy for the TV & ps3?
If so, when you file for Bankruptcy ( a very serious and possible dangerous way to get out of financial problems – it can haunt you & your credit, job possibilities, renting apartments, etc) there is a list of creditors against you filed in court & this list remains unpaid until you work and then part of your salary will be taken out automatically & pay each a % of what they’re due.
I would suggest getting some FREE credit counseling ASAP & they can help you notify all your creditors, try & reduce amount owed to each. Do not pay a fee for this as they are all SCAMS – you can get free counseling. Look on the web for a site you can go to – usually run by the state you live in or the Better Business Counsel, etc. But do not pay for this service – the Government has warned everyone that you can get this for free and they will help you.
You know that Bankruptcy does not forgive your loans or creditors – it just means they get less than original owned – pennies on a dollar BUT the stigma of Bankruptcy can stay with you almost all of your life as loan applications ask if you have ever filed for Bankruptcy.
Good Luck
July 22nd, 2010 at 3:28 am~~No they do not use search warrants, and if you no longer have it then they can’t repossess it.~~
July 22nd, 2010 at 3:28 amAs long as you include in the bankruptcy, the answer is no. You should run your credit reports to make sure you did not forget about any accounts.
July 22nd, 2010 at 3:28 amAssuming you purchased the TV on your BestBuy card, BestBuy has a security interest on the TV. However, as a practical matter, BestBuy does not send people out to pick it up. (What are they going to do with your user TV anyway?) You can also consider filing a Motion to Redeem where you pay the fair market value of the TV (rather than the amount you owe). However, this can be very costly and probably not worth the time or effort.
Disclaimer: Unfortunately, it is impossible to give legal advice over the internet, no matter how well researched or written. Before relying on any information I give, contact a lawyer to discuss your particular situation. I am a San Francisco bankruptcy attorney. The information given is based on California law.
July 22nd, 2010 at 3:28 amDon’t worry about it.
If Best Buy has a valid security interest in the TV & PS3 (they may not) then after your bankruptcy they could, theoretically, attempt to sue you for possession of the property (but NOT for money – the BK prevents that). If, after they paid a lawyer to bring the suit, they received a judgment, they could send a repo guy to your house, with the sheriff, to demand return of the property (they cannot just break in). If they then got the stuff, they could take it back and sell the used electronics.
Think they’d get enough money selling your used TV & PS3 to be worth all that trouble? No way. Won’t ever happen.
July 22nd, 2010 at 3:28 amNo, best buy loan plans are unsecured debt, it works just like a credit card. If you don’t pay they are out the money and the tv or whatever else you bought, if you stop paying they will just sell the debt to a debt collector who will try to bug you for the money. If you file for bankruptcy they can’t do anything. However, you might be able to avoid bankruptcy all together if you meet certain factors. Visit http://www.besthelpfinancial.com/bankruptcy.html to determine if you even should file for bankruptcy.
July 22nd, 2010 at 3:28 am