Secured Loan

[sdunaway]

What is the name of your state? FL

I have a loan secured with miscellaneous personal property (household electronics, TV, radio, camera, etc.). When I filed for Chapter 7 Bankruptcy, I included this property on my exemptions list, as FL law allows exemptions of personal property up to $1000.

Just before my Meeting of Creditors, I received a document from the creditor telling me that I needed to reaffirm the debt or lose the property. Is this true? I thought that by listing the property as exempt the creditor could not take it. Or are there different rules because it was a secured loan?

I would appreciate any advice.

Thank you!

[email]Shannondunaway@Hotmail.com[/email]

[djohnson]

Talk to your attorney, but technically you don't own it free and clear if there is a lein on it. You can't have 10 cars with loans on them and list them as exempt and expect to keep them all free and clear. They would be secured loans. You don't have to reaffirm if you chose. It's a gamble, but many times it's a threat to get you to reaffirm when in reality they aren't going to bother with piddly minor household items. Talk to your attorney about what they advise.