Creditors and Bankruptcy/Chapter 7 bankruptcy

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Expert: Michael Brotherton - 2/7/2009


Question
I filed a Chapter 7 bankruptcy last week and I have a rental agreement (for a TV)from Aaron's (It's a place just like Rent A Center). I want to know if there is ANY WAY possible that I can keep my TV? I am in Illinois. I've been told that I can pay just the market value somehow. Please help. My creditor's meeting is in 2 days and I know they'll be there to lift the automatic stay! Thanx in advance for your help.


Answer
Did you discuss this with your attorney? Most leases and/or rental agreements are terminated in a bankruptcy. I dont think you may reaffirm (technically) but they may agree to continue the agreement outside of your bankruptcy as long as you continue to make payments timely.

Once your bankruptcy is discharged contact Aarons and ask them to allow you to continue your rent to own. Get something in writing or you risk them collecting most of their money then repossessing the merchandise just before it is paid off. Dont trust them without something in writing. If they dont agree turn it in then go somewhere else and get another tv.

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Michael Brotherton

Expertise

Consumer/Debtor Rights Advocate. Mike Brotherton is a negotiator with over 30 years experience in consumer lending and collections. Mike has 30 years in the credit and collections industry as a former loan officer, debt collector and manager of two finance companies over several years. We are well versed in Loss Mitigation practices and the legal collection process. We have helped literally thousands of people over many years overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com. We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. The more informed you are of your rights and the credit collections practices of creditors the more peace you can have dealing with your FINANCIAL EMERGENCY. Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be. Primary business- Debtor Rights Advocacy and Debt Mitigation relating to foreclosure, creditor lawsuits, and other serious financial problems. www.financialemergency.com (copy and paste in browser).

Experience

28 years in financial services industry as a loan officer and debt collctor. Developed bankruptcy and loss prevention manual for large finance company for manager training. 15 years as a debt counselor and consumer advocate.

Education/Credentials
Veterans sponsored OJT Manager Candidate Scool for AVCO Financial Services, Keystones to Management for ITT Financial Services, Certified Finance Management for Associates Financial Services.

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