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378 Cf. in re Hardage, 99 B.R. 738 (Bankr. N.D. Tex. 1989) (the proof of sale established a security agreement for consumer goods when the note established that Sears retained for security reasons); In re Ziluck, 139 B.R. 44 (S.D. Fla. 1992) (credit card application and agreement containing the language by which security interests are granted, creates a security agreement; “all calculated assets” means an adequate description of the security rights; In re Hance, 181 B.R. 184 (Bankr.M.D. Dad.
1993) (proof of sale, which specifically grants interest on purchased goods, constituted a guarantee agreement); In re Anderson, 23 B.R. 130 (Bankr. D. Neb. 1982) (interest in the safety of consumer goods retained by the retailer through a renewable pricing agreement and proof of sale); In re Martinez, 179 B.R. 90 (Bankr. N.A. Ill. 1994) (security contract valid for consumer electronic products, under which the debtor signed a credit agreement containing a clause stating that “all calculated goods” were guarantees). Back to text You can also drop off your vehicle. If you opt for the rebate, your creditor will recover the vehicle and the debt will be relieved when you go bankrupt.
Any deficiency assessment would eventually be unloaded. Your home is directly linked to your mortgage. If you are late in payments, you may be seized. Your car is secured by your car. If you stop paying or are late in your payments, your car could resume. The most important thing you need to know about secured debts related to bankruptcy is that while you can waive the obligation to continue paying the debt, the creditor retains their security interest. This means that if you no longer make payments, the collateral to your creditor lags behind. One of the most important and frequently used equipment at the disposal of the large credit institution is a general interest in the safety of domestic needs. In practice, our records reflect the fact that household products are rarely seized. The reason for this reluctance on the part of creditors is twofold.
Household products have little or no direct economic value in the resale market. Surcharges on inexpensive furniture and appliances almost always exceed 100%. .