Property Purchased with Credit Cards

What is the name of your state?New Mexico

I am planning on filing chapter 7 and I have a potential issue that I need clarification on. I noticed that the NM federal exemptions http://www.newmexicobankruptcy.com/fed.html include fitness/health equipment but the Bowflex I bought was through Nautilus, which is a creditor that will be included in my filing. I also have a big screen TV that I bought from Circuit City, which is also a creditor I'll be including. I still owe about $800 on my Nautilus card and about $4000 on my Circuit City card. Will I get these items taken away from me when I file chapter 7? I have no other assets besides these. Also, would the TV and Bowflex potentially be included in the WILD CARD section of exemptions? Please let me know what will happen to these assets since I still owe money on the cards used to buy them with. Thanks,
T.J.

To the top.

If you used a Circuit City credit card for the TV, say goodbye to it or you will have to reaffirm the debt. Read your agreement with the creditor on the Bowflex, their site does not have a purchase agreement to read. In either case, if the purchase item is held as collatoral for the debt, you will most likely lose the stuff if you include the debt in your bankruptcy.

Thanks for the reply. I'm not too concerned about either item, I just wanted to know more about the process.