What happens if I list Rent-a-Center in my bankruptcy?

You can choose to surrender the collateral and wipe out the debt, or you can keep the collateral and keep paying.

In other words, if you want to keep your financed tv, you keep paying for it.  If not, give it back and we can wipe out the debt.

In bankruptcy, you can keep secured loans and reaffirm the debt, where you keep making the same payment, interest rate, and balance.  If you choose to wipe out that debt, then you must surrender the collateral and let the creditor come back and repossess it.  rentacenter

Rent-a-Center is a little different.  When you finance something through their offices, it is a rental-purchase agreement, and you do not own the collateral until the last payment.  Technically, this means that we list the contract as a lease in your bankruptcy, same as a cell phone or apartment rental agreement.  So long as we keep the lease, you keep the collateral.

According to their website:

Transaction is a rental-purchase agreement (or in NV, a lease agreement with an option to purchase; in IA, ND, NE, and SC, a consumer rental-purchase agreement; in CT and NH, a rent-to-own agreement; in AK, DC, DE, HI, ID, KS, OR, SD, VA, and WA, a lease-purchase agreement; in MA and RI, a lease; or in VT a consumer lease agreement). Not available in MN or WI. You will not own the merchandise until the total amount necessary to acquire ownership is paid in full or you exercise your early purchase option (“EPO”). Ownership is optional. MA and RI consumers: at any time after the initial payment, you may purchase the merchandise for 80% of the remaining Total Number of Payments, plus sales tax, calculated at the time. In VT, minimum 18-week rental period applies. 90 days same as cash not available in VT. Product availability and pricing may vary by store. Participating locations only.