Legal Question in Bankruptcy in California

Secured debt on rings

I had bought 2 rings and ended up filing bankruptcy,They were bought from a store in Indiana but the letter I got was about California law,They are stating that it is a secured debt and that I have to either return the rings or pay fair market value.The bankruptcy is already over and no one showed up at the meeting of creditors. Is this legal? It was my understanding that they could not even contact you after the bankruptcy was started and why did'nt they show up for the meeting if they had a dispute about it..Thanks for any and all help!!!


Asked on 6/03/04, 11:42 pm

2 Answers from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Secured debt on rings

If it was a secured debt before bankruptcy, it is a secured debt after bankruptcy unless you took affirmative steps to avoid the lien. They are within their rights to recover their collateral. What did you put on your Statement of Intentions with respect to the rings?

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Answered on 6/04/04, 12:56 am
Robert F. Cohen Law Office of Robert F. Cohen

Re: Secured debt on rings

If you did not reaffirm the debt, then they can retrieve the rings, but not any money from you.

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Answered on 6/04/04, 3:18 am


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