Jewelry is unique in that it tends to maintain its value and can be easily resold. Therefore, jewelry creditors will often pursue collection of jewelry if you fail to make your payments. You may have other secured household property such as furniture or computers. These items tend to lose value quickly, therefore creditors are less inclined to try to repossess them. The newer and more valuable your property is, the more likely it is that a creditor would repossess it for failure to make payments.

You may wait for your creditor to contact you, or if you wish you can contact the creditor immediately to discuss payment options. Remember, your creditor may repossess your secured collateral if a reaffirmation agreement is not filed with the Court prior to your discharge date. If you contact the creditor, it is a good idea to have a reasonable idea of the fair market value of your jewelry or other property. Rather than agreeing to pay what you owe on the jewelry or property (an amount that probably includes interest and fees), you may propose to pay only the fair market value of the item.