CHARLOTTE, N.C. — A pawn shop company filed for bankruptcy several weeks ago and closed its two Charlotte locations.
Former employees said as many as 200 customers at iPawn on Central Avenue and Freedom Jewelry on Tuckaseegee Road may be caught in the middle.
Customers who took out loans are wondering if they'll see their belongings again.
Two customers, George Handle III and his wife, fell on hard times. So hard, he pawned their weddings rings for a $200 loan.
"I'm sure I'm not alone. I'm sure there's a lot of people in the situation that I'm in as well," he said.
Handle was ready to repay the loan, including the more than 20 percent interest and get his rings back. He went to the pawn shop and found the doors padlocked and the rings just out of reach.
- CLICK PLAY: Raw video of George Handle
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Another customer, Michael Medina, said he needed gas money for his trips to chemotherapy.
He pawned a pistol and his flute from his band days in the '70s.
"It was embarrassing. It's degrading," he said.
He can't get them back right now either.
"I got to have them back, so when things get tough, I can pawn them again," he said.
- CLICK PLAY: Raw video of Michael Medina
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Action 9's Jason Stoogenke found out what happens next for customers:
- No customers can get anything out of the stores at this time.
- Customers should go to the creditors meeting if they can: 1 p.m. Oct. 8 at the U.S. Bankruptcy administrator's office 401 W. Trade St., Suite 205, Charlotte, N.C.
- They should be able to get their items after October 19. On that day, a licensed Mecklenburg County pawn shop can buy the loan contracts (and get the belongings). The terms of the pawn contracts will not change.
- A bankruptcy trustee handles the case and makes sure customers' and creditors' interests are considered. The bankruptcy trustee plans to ask the court to put all the contracts on hold. That means customers won't be at a disadvantage time-wise, while the court sorts out the bankruptcy.
- Customers who have questions can contact the trustee at pawnshop@abshuford.com. If you email the trustee, include your current mailing address and phone number.
PRESS PLAY: Jason Stoogenke shares the date customers should keep in mind--
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