341 And Creditors Present

Question:
My 341 is in a few weeks and I feel good about what may occur. I know this is not the best of times for many of us, filing bankruptcy is never a party! I spoke with my attorney yesterday about any additional paperwork etc that he maybe receiving and basically nothing has been sent. We discussed again the possibility of what creditors may show for the 341. I filed basically all non secure credit, 1 VISA. 2 MC's, 1 gas co. card and 1 Dept store card. He felt that in his past experiences the only one that may show is the Dept. store card (Sears). He mentioned that he attended a local attorney's seminar and during the bankruptcy portion of the seminar this subject was discussed. What attorney's have been seeing is an increase of pressure from Sears towards non paying card customers. They refuse to lower their interest rates or set up any real pay back plans when people ask for help, there were also other issues with Sears. Now what he said could really be to my advantage is that I haven't bought any high ticketed items from them nor have I used the card in over year. My purchases from them have been either clothing, auto repairs or auto related items or gifts. He feels that if they had something to really go after (appliances, large TV's, lawn equipment etc) then he feels they will be there. But he did stress that there are no guarantee's that nobody may show or all could show up at the 341, we will just have to see. He has stated to me that the lawfirm that Sears is dealing with can be a pain in the rump, they have really been hounding people to pay. I know this because they demanded $2,000.00 from me within 10 days or they where filing a judgement. I said that if I had $2,000.00 to give you I wouldn't be behind in payments, I asked the person calling me where he expected me to get the money and he basically said (family, friends, go beg) we don't care! I respect business' because they do have a job to do but I have lost all respect for Sears. All the other CC business's were willing to do their part. So with all that said I like to hear others experiences at their 341's and with creditors showing up.

Answer:
My wife and I just had our 341 (Ch13-Florida). 1 objection was raised by AMEX and they did not show. Sears was the only one to show at my 341-Pennsylvania - end of Feb '03 My banalce with them is under $1000. They offered to reaffirm at $500 with a credit line about $1300. I have until about mid April to make up my mind. I doubt I will be reaffirming. From what I've read, reaffirming with them usually causes more problems than its worth with your credit report later. However, I have read some sucess stories also. If I knew they would report everything correctly, I might keep it. I really would like to keep my Sears card though as it is one of the oldest that I have. It was one of my first about 100 years ago. :) However, THIS IS THE REAL QUESTION to ask yourself "Is this card worth $500 to me?" In other words, would I pay $500 (+interest since I cannot afford to pay it down right now, go figure) to have the card? It seems a clearer to me once asked that question. I'll probably work towards getting some other store card later. A few more details: The only thing that I purchased on the card in the last year was a $450 item. If I do not reaffirm, they may come after the item. However, from what I understand, it will probably cost them more than its worth to come and get it. They probably won't come to get it but they may, I have to be willing to take that chance. If they come and get it, I will need to go and buy a replacement item at $450 which is about where I would have been with the reaffirmation agreement but without the Sears Card. Sears might be able to get as much as $200 for the item. I have a similar situation with Circuit City but without being offered an reaffirmation agreement. They simply sent a letter to my attorney saying a few items that I purchased in the last year are "secured" according to the contact I signed when I bought them. It says they have a secured interest in the items on the sales receipt. The items total about $450. (There's that number again!) I don't know where this will go but I really am leaning towards ignoring it for now. We're talking 4 items who's worth is very little for re-sale. If they come for it, I will give them to them and bid them adieu.





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