Deep Discounts on Consumer Electronics When You Enter Chapter 7

When you purchase consumer electronics or appliances from a “big box” retailer, there is a good chance that if you finance your purchase, your debt will be a secured debt in a bankruptcy. A debt is secured if there if there is collateral associated with your loan.

In a Chapter 7 bankruptcy, secured loans enjoy a higher priority than unsecured “signature” loans like credit card debts. When you have a secured loan in bankruptcy you have a decision to make - either surrender the collateral to get rid of the loan, or pay the secured creditor.

In situations where consumer electronics or appliances make up the collateral, you may have more options than you think. Used electronics or appliances have very little market value. Further, it is rarely cost effective for finance companies to pick up and store surrendered property. Therefore, our experience has been that finance companies are often willing to accept far less than the contract amount for you to keep that television, camera, computer or washing machine.

As discussed in this video, finance company representatives will not volunteer to you that they are willing to negotiate. Experienced bankruptcy lawyers know that we have leverage and we can often work out a very favorable arrangement so that you keep your property and pay very little for it.

Want more information about Chapter 7 bankruptcy? Visit our web site at http://www.atlanta-bankruptcy-attorney.com or call Susan or Jonathan at 770-393-4985

Jonathan Ginsberg
Ginsberg Law Offices
Atlanta bankruptcy law
770-393-4985

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