The combined value of all my personal property is less than maximum allowed exemption. I entered into a “Promissory Note and Security Interest” agreement with a creditor which granted a security interest in some personal property items ( desktop computer, notebook computer, 2 monitors, telephone system, drill, watch, encyclopedia set, binoculars).
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I respectfully disagree with Mr. Berkus. Under 11 USC 522(f) non-possessory non-purchase money liens on household goods (typical of finance company loans) ARE avoidable in bankruptcy. How much of the property itemized is considered household goods is a matter of state law. Because a motion with particular allegations is required, representation by experienced counsel is appropriate.
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When you voluntarily grant a security interest in an item, exemptions don't apply. However, very few creditors will actually try to enforce such a lien on personal property.
I agree with Attorney Sinclair.
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