Question
Will I lose my credit card purchases in a bankruptcy?
When people file for bankruptcy, do they lose all of the possessions that they have purchased on their credit cards?LawQA.com Answer Library
Lorene Lynn Mies, APLC | TheBankruptcyMinute.com
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
Only if the purchase was considered the collateral for the credit purchase. Sears and Best Buy come to mind as creditors that consider the purchases of your appliances and electronics as being secured debt. You need to look at your original purchase agreement from the store in which you purchased the items. However, purchases for clothing and small items are not considered to be secured debt.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Diefer Law Group, P.C.
No, you will not lose your credit card purchases if you file for bankruptcy.
Answer Applies to: California
Replied: 8/24/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/24/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of Michael J. Berger
In general, debtors do not lose any of their credit card purchases when they file bankruptcy. This assumes that the purchases are unsecured (as in a visa or mastercard) and not secured (like a Best Buy). This also assumes that the items purchased are exempt under state law (as they are 99 percent of the time). For specific advice about your situation, call me.
Answer Applies to: California
Replied: 8/23/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/23/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
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