Rent a Center and Chapter 13

Is this a storage unit?

FP, I'm pretty sure it's a rent-to-own contract; for merchandise (like furniture, TVs, computers, etc...).

It depends on the creditor and the balance of the account. If there is not much left owing on the balance, it is very likely you will keep the items. However, if it is a recent account, they will most likely want the items back.

actually heretohelp,

it is paid off this October. Had made every payment before due date for over a year. I owe maybe around 1,000 on a 4500.00 computer that i could have gotten any where else if i had good credit for around 700.00.
would appreciate any additional help you can give.

what a life,

I know I girl who got some stuff from RAC then filed bankruptcy and they took her stuff but I think her circumstance was, she went and got the stuff and filed like a week later and the judge felt that she had went and gotten the stuff purposefully knowing she would be filling bankruptcy.

thanks leah,

that makes sense. they say im there best customer. never missed a payment and have been doing business with that store in aurora, il for years. maybe if i file, i can keep my computer and the chapter 13 will call it pif.

any more info would be appreciated.

I don't think you can include RAC merchandise in a bankruptcy case. You are in a "rental" contract, just as if you were renting a car, you would return it if you can not pay for the rental cost. You pay a weekly rental rate to RAC to use the merchandise. I would check with an attorney, but I believe the merchandise would have to be returned because it is a rental contract.

thanks steelers1

that makes sense. even though its a holiday, im going to fax some info and questions over to a bakrupcie attorney that did a chapter 7 back in 2003 of whom i have spoken with about a month ago. he told me then that i would need 975.00 up front to get it filed, and then after that, i do not know what happens. It all has changed so much since then.

Does any one here now about the new chapter 13 laws. i heard of counsleing, etc. where is the councleing? Just things like that. I have so much to do, and so much to fight. I pray god give me strength not to give up which is so , so easy right now.

I am going to pm you a bk forum link. There are bk attorneys on there and there are also others who have gone through the experience. You can post your questions and get responses and pm questions. I know that chpt. 13 is much harder on people with the laws. I know of somebody who is worse off now that they have entered in a chpt. 13 than if they dealt with creditors on their own. The new laws are set up to help the creditors not the consumer.

Steelers you are exactly right. The new laws help the creditors and not the consumers. I still think also that all of this was some how tied in with this subprime mess on mortgages. Good hard working people are finding thereselves with no way out. KYSIDE38

I only owe rac a few hunded dollars that I may pay off soon, so I donkt have to worry about them anymore. It is easier to save up the money to get what you want than to go to rac and pay twice the amount for it, and you will pay twice for it.

luke

can someone, a monitor, please remvoe my name from my posts above asap.

thanks
luke

done.

wow, suebee, can you remove all the negative stuff from my credit files and.....wow, I love this site. thanks suebee.

all the best,
luke

not a problem, anytime Luke. :-)