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So what happens if the Client no longer has the furniture they
There are a couple things you can do here, as I see it.
1) Simply tell the creditor what happened and that your clients do not want to reaffirm their personal obligation on the loan. Creditor would have to file an AP to try and recover the stolen property and/or file an AP for non-dischargeability of the personal obligation due to bad faith. Considering that the property was stolen, they're not going to file an AP to recover the collateral, and the non-discharegability action seems like a stretch to me. It seems like the relative borrowed the furniture and then it was stolen. I doubt they would pursue this. If your client is nervous about it, settle for a very small amount of money.
2) Your clients could redeem the property under 11 USC 722 and pay the retail value to the creditor -- adjusted for the age of the property and other factors relevant to its condition. Considering that we are talking about a used mattress and spring box -the value would be close to zero.
Donny Brand
Brand | Burris
3836 E Anaheim St
Long Beach, CA 90804
www.brandburris.com
Tel: (562) 438-7500
Fax: (562) 438-8500
-------- Original Message --------Subject: [cdcbaa] So what happens if the Client no longer has thefurniture they bouailto://rgracelaw@gmail.com">rgracelaw@gmail.com>Date: Thu, July 22, 2010 6:07 pmTo: cdcbaa@yahoogroups.com
Dear Members:Client had loan with Dearden's purchasing a bedroom set with mattress & Box Spring. Notably the Mattress and Box Spring has no resale value because those item's can't be resold by retainer. However, with respect to the the four other pieces of furniture, those items were taken by a relative who was foreclosed on and had to move to a new place. She lost everything when tenants robbed her. So feeling sorry for the family member, they gave her the furniture because it was cheap and falling apart. So now when they filed chapter 7 bankruptcy, Dearden's is asking to reaffirm or give back property. I don't recommend reaffirm obviously, and they don't have it to give back. I realize that they could pay fair market for the furniture. But Dearden's is asking for $1,700 on a debt that was $2,100.00. Clients don't want to pay. Now what?-- R. Grace Rodriguez, Esq.OFF: (818) 734-7223CEL: (323) 304-5496NO EX-PARTE NOTICE VIA VOICE MAIL OR EMAIL: I do not accept e-mail notice for ex parte Applications via voicemail or by email. You must comply with California Law and give notice to a person in my office during regular business hours.CONFIDENTIALITY STATEMENT: This message contains privileged and confidential information and is intended only for the individual named. If you are not the intended recipient you should not disseminate, distribute, store, print, copy or deliver this message. Please notify the sender immediately by e-mail if you have received this e-mail by mistake and delete this e-mail from your system.
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