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Bankruptcy Law Frequently Asked Questions (FAQs) | Missouri & Illinois Common Bankruptcy Legal Questions

 


Q:

Can Your Furniture Be Taken in a Chapter 7 Bankruptcy?

A: In most cases, a furniture creditor won’t take your furniture. If the furniture creditor comes to your 341 meeting (your meeting with the creditors), they can either ask you to reaffirm your debt, redeem it, or ask the court to allow them to have it back. Mostly, furniture creditors do not come to the meeting, leaving your furniture safe and sound.

In a bankruptcy case, we can stop your creditors from taking items like your home, car, and furniture. Sometimes, a furniture loan is charging you way more than it is worth or the interest rate is extremely high; either way, you could be paying too much. It is best to contact an experienced bankruptcy attorney who can advise you as to whether it is best to keep your furniture or surrender it to the creditors.


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