Legal Question in Bankruptcy in Minnesota
furniture purchase & ch.7
Hello, my husband hasn't been paid for sometime and we are now forced to go on unemployment. We can no longer pay our credit cards. We've focused on paying our mortgage and car. We also have a furniture loan (HOM furniture purchase financed by Citibank financial) for some bedroom furniture and a dining room set that we bought about 10 months ago. Will our furniture be taken away from us? (We'll be forced to sleep on the floor!) If we are able to stay current on that loan, is it possible for us to keep that loan or is it outmatically surrendered?? I'm not sure if the furniture would be considered more than the standard allowed amount for furnishings since they are new? Do these furniture loans generally consider the furniture colateral just like a home loan or car loan considers the home/car colateral??
2 Answers from Attorneys
Re: furniture purchase & ch.7
With the furniture, since you have a loan you may have to reaffirm the debt to keep it, meaning you have to agree to keep paying the loan.
I would need to know more information though before giving you a final answer.
Re: furniture purchase & ch.7
With the furniture, since you have a loan you may have to reaffirm the debt to keep it, meaning you have to agree to keep paying the loan.
I would need to know more information though before giving you a final answer.
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