Computer Sold

[jetskiscott2]

What is the name of your state? CA

What happens if you sold secured property, in this case a computer, and now the bank wants it back after bankruptcy? This was a question posed to me by a friend. He purchased a computer a few months back at Circuit City, but turned around and sold it about 6 months later. The original cost was 3,000 dollars for a laptop! A laptop?!? There was no attempt to commit fraud as he was just trying to come up with cash to survive and pay bills. What will happen when the bank sends his attorney a letter asking for the secured property back?
The property is gone. Will he still be responsible for the debt?

 

[ihatearizona]

Even though your friend bought a computer, that does not necessarily make the debt secured. What type of credit card did he use to purchase it? Did the card have a security interest clause?

 

[jetskiscott2]

It was the Circuit City card. I believe it's issued by FNANB. I not sure if the debt is secured, but from my [limited] experience I think it is.

 

[ihatearizona]

From my knowledge (once having had a FNAB Visa) they are NOT secured cards. You'd need to check the info that was originally sent with the card to be sure though.

 

[jaimelopez]

I, too, would like to know the outcome of this.