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Bankruptcy exemption on personal property purchased on credit, under FL bankruptcy law can creditor's repossess propertyI am a divorced woman of 55 on medicaid. I had purchased kitchen appliances (refrigerator, oven, microwave & dishwasher) on brandsmart credit card after a kitchen fire, and had dental work done on Care Credit. About a year ago, I puchased a laptop, and a flatscree TV and surround sound system (It was supposed to be gift from boyfriend who was going to pay off the credit card) . I own my own home in Miami, FL free and clear (no mortgages), and the only income I have is appr $630/mo from SSI. If I declare bakruptcy, will the kitchen appliances and other items such as the TV be repossed? Attorney answers (3)
Reputation Level 10
Answered over 3 years ago.
Bankruptcy Attorney in Gainesville, FL.
I agree with Mr. Weiss's answer regarding repossession. But if you were to file a chapter 7 bankruptcy, you must keep in mind that Florida law only provides (in your case) for a $1000 personal property exemption. The bankruptcy court trustee can assert that the value of your assets may exceed that value. In that situation (if the value of the items is high enough) you would normally be given 2 options - "buying back" the equity from the bankruptcy estate, normally over a period of 1 year or less, or the removal of some of the non-exempt items from the home so that they could be sold on your creditor's behalf. This last option is rarely used because of the expense involved, and will depend on the trustees in your area. Local bankruptcy counsel should know the legal culture in Miami and will be able to guide you through the process.
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Reputation Level 8
Answered over 3 years ago.
Chapter 7 Bankruptcy Attorney in Richland, WA.
No.
That is unless your Brandsmart credit card has some language allowing repossession for nonpayment. 2 people marked this answer as good
Unless Brandsmart obtained a security interest in these items when you purchased, followed Florida rules to make this interest enforceable, and then thinks that the items are worth enough after bankruptcy to file suit and sell them (which is very unlikely), no.
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