Expert: Terry Leeders - 12/9/2008

Question
I have a $2900 (1yr old) big TV from Circuit City and $4000 (2yrs old) furniture from Levitz, that are both being claimed in a chapter 7 BK.  I went to the meeting of creditors on 12/4/08 and I was in and out in about 5 min no creditors showed up. I was going through my BK paper work and noticed that my lawyer listed both dollar amounts under UNSECURED, does this mean I wont have to surrender this merchandise??

Answer
Your classification on the schedules cannot change the true debt classification.  The creditor, if interested, would send a reaffirmation agreement to your lawyer.  If you are interested in keeping these items, your lawyer can help get those filed.  The terms are negotiable with the creditor too, so perhaps your lawyer can reduce the balance, interest, payment, or all three!