Furniture Recovery

Dec 09, 2011

Furniture Recovery
by: Debtcollectionanswers.com.

Kelly:

If the furniture company wants its furniture back and you no longer have the furniture, it will expect for you to pay what you owe somehow. Can the person who sold the furniture help you come up with the money? After all he/she is partially responsible for the situation you are in.

Do you have a copy of the financing agreement you signed with the furniture company? It may spell out what will happen in your situation. If not, I would expect that once the company learns that you no longer have the furniture, it will sue you for the money you owe and if it wins a judgment against you, it will ask the court for permission to collect on the judgment. It may try to collect by garnishing (taking) your wages once you get a job again (There is a limit on how much can be taken out of each of your paychecks.), taking money from your bank account, putting a lien on an asset you own, or taking an asset from you, assuming it's not exempt (protected from your creditors).

Given your situation you may be a good candidate for bankruptcy but a bankruptcy attorney needs to make that determination based on an analysis of your finances. If you filed for bankruptcy, it would stop all collection efforts, including lawsuits and any actions to enforce court judgments, and give you time to figure out how to resolve your debts. Depending on the kind of bankruptcy you file, you can get rid of all (or most) of your unsecured debt. Go here for a free consultation with a bankruptcy attorney.

Furniture Recovery

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Furniture Recovery