My question involves bankruptcy in the state of: Arizona
My husband and I have been unable to pay our bills the past 7 months or so. My husband has a line of credit with a big name jewelry store and we owe them approximately $4500 and he purchased it (a ring) for a little under $6000 in 2006. Anyhoo, the creditors from the jewelry company are trying to get us to pay a huge amount of money over the next few months to pay off the ring; which of course we are unable to do and will be filing bk in the next few weeks (we did not tell them this).
A month or so ago, this particular creditor suggested that if we couldn't make the payments, to sell the ring on ebay. Is that legal? I had gone to a few places a while back and they said they would only give me a few hundred dollars for the ring, and when comparing it to similar rings on ebay (I just checked), there is no way I could sell it for anywhere near what we owe this store. Why would they not try to repossess the item instead of asking me to sell it on ebay?
Is this legal? Why would they ask me to do this?
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