At 1/30/10 meeting at Southwestern, one attorney (not sure who it was)
indicated that some of the credit unions are also repossessing
non-reaffirmed autos.
On Mon, Feb 8, 2010 at 8:39 AM, Jim Selth wrote:
>
>
> Obviously I still haven't learned how to send text messages on my new
> phone:
>
>
>
> A full version of what I meant to say was:
>
>
>
> My advice is to ignore the letter from American General, just as I advise
> ignoring the letters from Bass & Associates sent on behalf of Best Buy. In
> my years of bankruptcy practice, I have never known of a creditor claiming a
> security interest in household goods to seek recovery of the "collateral"
> after the bankruptcy discharge. If anyone has experience to the contrary,
> please share.
>
>
>
> As I explain to clients, the creditor would need to file suit for claim and
> delivery, obtain a judgment, obtain a Writ of Possession, and instruct (and
> pay) the Sheriff to levy the Writ and obtain possession of the goods. It's
> just not going to happen. Automobiles and boats are the exception since
> they can be more easily repossessed, and that leads to our oft-repeated
> discussion on this list-serve about which creditors are repossessing
> non-reaffirmed automobiles post-discharge (the consensus is still only Ford
> & Chrysler, I believe).
>
>
>
> These letters are being sent to try to shake money out of uninformed
> pro-per debtors.
>
>
>
> Jim
>
>
>
> James R. Selth
>
> Weintraub & Selth, APC
>
> 12121 Wilshire Boulevard, Suite 1300
>
> Los Angeles, California 90025
>
> Telephone: (310) 207-1494
>
> Facsimile: (310) 442-0660
>
> E-Mail:
jim@wsrlaw.net
>
>
>
>
>
> *From:*
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com] *On Behalf
> Of *Jim Selth
> *Sent:* Sunday, February 07, 2010 6:24 PM
> *To:*
cdcbaa@yahoogroups.com
> *Subject:* Re: [cdcbaa] Reaffirmation in this situation?
>
>
>
>
>
> My advice is to ignore the letter. I do not believe any creditor wou
>
>
>
> John wrote:
>
>
>
>
>
> Hello all -
>
> I have a client who didn't tell me that she had purchased her furniture
> with a security agreement. The financing company, American General, now
> wants her to reaffirm the debt on the furniture, and they have sent me a
> proposed reaff agreement. This agreement says that the remaining debt is
> $1400, and the FMV on the furniture is $600. At least they've lowered the
> interest rate from 21.9 percent to zero.
>
> As I see it, she can 1. try to do a ride-through, in which case she's
> paying 21.9 percent interest on the furniture, 2. reaffirm and get a better
> deal (zero interest), or 3. tell American General to come by and pick up the
> furniture, and get something better and cheaper on Craigslist. I intend to
> advise her to do either 2 or 3, depending on her preference.
>
> Any other things I should be thinking about, but am not?
>
> - John Faucher
>
>
>
Daniela P. Romero
Law Office of Daniela Romero, APLC
1015 N. Lake Ave., Ste. 115
Pasadena, CA 91104
Telephone:626-817-2611
Facsimile: 626-628-1781
email:
dromerolaw@gmail.com
NOTICE: This E-mail (including attachments) is covered by the Electronic
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is confidential, privileged & exempt from disclosure under applicable law.
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and immediately delete this message.
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transaction or matter addressed herein.
At 1/30/10 meeting at Southwestern, one attorney (not sure who it was) indicated that some of the credit unions are also repossessing non-reaffirmed autos.On Mon, Feb 8, 2010 at 8:39 AM, Jim Selth <
jim@wsrlaw.net> wrote:
Obviously I still haven't learned how to send text messages on
my new phone:
A full version of what I meant to say was:
My advice is to ignore the letter from American General, just as
I advise ignoring the letters from Bass & Associates sent on behalf of Best
Buy. In my years of bankruptcy practice, I have never known of a creditor
claiming a security interest in household goods to seek recovery of the
"collateral" after the bankruptcy discharge. If anyone
has experience to the contrary, please share.
As I explain to clients, the creditor would need to file suit
for claim and delivery, obtain a judgment, obtain a Writ of Possession, and
instruct (and pay) the Sheriff to levy the Writ and obtain possession of the goods.
It's just not going to happen. Automobiles and boats are the exception
since they can be more easily repossessed, and that leads to our oft-repeated
discussion on this list-serve about which creditors are repossessing
non-reaffirmed automobiles post-discharge (the consensus is still only Ford
& Chrysler, I believe).
These letters are being sent to try to shake money out of
uninformed pro-per debtors.
Jim
James R. Selth
Weintraub & Selth, APC
12121 Wilshire Boulevard, Suite 1300
Los Angeles, California 90025
Telephone: (310) 207-1494
Facsimile: (310) 442-0660
E-Mail:
jim@wsrlaw.net
From:
cdcbaa@yahoogroups.com [mailto:
cdcbaa@yahoogroups.com] On Behalf Of Jim
Selth
Sent: Sunday, February 07, 2010 6:24 PM
To:
cdcbaa@yahoogroups.com
Subject: Re: [cdcbaa] Reaffirmation in this situation?
My advice is to ignore the letter. I do not believe any creditor wouJohn <
j.d.faucher@sbcglobal.net> wrote:
Hello all -
I have a client who didn't tell me that she had purchased her furniture with a
security agreement. The financing company, American General, now wants her to
reaffirm the debt on the furniture, and they have sent me a proposed reaff
agreement. This agreement says that the remaining debt is $1400, and the FMV on
the furniture is $600. At least they've lowered the interest rate from 21.9
percent to zero.
As I see it, she can 1. try to do a ride-through, in which case she's paying
21.9 percent interest on the furniture, 2. reaffirm and get a better deal (zero
interest), or 3. tell American General to come by and pick up the furniture,
and get something better and cheaper on Craigslist. I intend to advise her to
do either 2 or 3, depending on her preference.
Any other things I should be thinking about, but am not?
- John Faucher
-- Daniela P. RomeroLaw Office of Daniela Romero, APLC1015 N. Lake Ave., Ste. 115Pasadena, CA 91104Telephone:626-817-2611Facsimile: 626-628-1781email:
dromerolaw@gmail.com
NOTICE: This E-mail (including attachments) is covered by the Electronic Communications Privacy Act, 18 U.S.C. 2510-2521. The information herein is confidential, privileged & exempt from disclosure under applicable law. This E-mail (including attachments) are intended solely for the use of the addressee hereof. If you are not the intended recipient of this message, you are prohibited from reading, disclosing, reproducing, distributing, disseminating, or otherwise using this transmission. The originator of this e-mail and its affiliates do not represent, warrant or guarantee that the integrity of this communication has been maintained or that this communication is free of errors, viruses or other defects. Delivery of this message or any portions herein to any person other than the intended recipient is not intended to waive any right or privilege. If you have received this message in error, please promptly notify the sender by e-mail and immediately delete this message.
To comply with IRS regulations, we advise you that any discussion of Federal tax issues in this e-mail was not intended or written to be used, and cannot be used by you, (i) to avoid any penalties imposed under the Internal Revenue Code or (ii) to promote, market or recommend to another party any transaction or matter addressed herein.
The post was migrated from Yahoo.