Redeeming a TV
My client purchased a TV from a local store through a payment plan. Like many stores, this one had a lien on the client’s TV until it was paid off in full. If my client fell behind on payments, the store could take the TV back.
The TV was not worth much anymore, around $100 at a yard sale value. My client still owed $400 to the store because of a high interest rate and occasional missed or late payments. He really wanted to keep this TV because he simply couldn’t afford to buy a new one if it was taken from him.
My client needed to file Chapter 7 bankruptcy because of a large amount of credit card debt he was never going to be able to pay off. I was able to file Chapter 7 bankruptcy for him after he got me all the information and documents needed (link). In his bankruptcy, I filed a Motion to Redeem the TV. All my client had to do was sign an affidavit stating his opinion as to the TV’s value. The Bankruptcy Court granted the Motion, which allowed my client to pay the store the $100 current value of the TV instead of the $400 owed.