Search results for reaffirm

Should I Reaffirm My Home Mortgage?

…ffirming the debt. The Bankruptcy Code doesn’t require any of these measures; they are simply bank policies. If the ability to refinance with that specific bank or credit reporting are important to you, you may wish to reaffirm your home mortgage. But if the risks of reaffirming outweigh those benefits, you might decide to simply continue making your mortgage payments without reaffirming the debt. Talk with your bankruptcy attorney to…

Read More

The Bankruptcy Alphabet – R is for Reaffirm, Redeem, or Retain and Pay

…e. This option makes sense if your car is worth considerably less than what you owe and you’re willing to let it go. – Reaffirm the debt. If you want to keep the vehicle and continue making your payments, you can reaffirm the debt. By signing a reaffirmation agreement, you agree to assume the personal liability that your bankruptcy would otherwise discharge. With respect to this particular debt, it will be as if your bankruptcy had…

Read More

Archives

…ts April 2012 (4) 26: The Bankruptcy Alphabet – U is for Upside-Down Vehicles 21: The Bankruptcy Alphabet – T is for Timeshares 13: The Bankruptcy Alphabet – S is for Small Claims 07: The Bankruptcy Alphabet – R is for Reaffirm, Redeem, or Retain and Pay March 2012 (3) 30: The Bankruptcy Alphabet – Q is for Quit Living on Credit 15: The Bankruptcy Alphabet – P is for Property of the Estate 08: The Bankruptcy Alphabet – O…

Read More

The Bankruptcy Alphabet – U is for Upside-Down Vehicles

…e of $15,000. Big Bank has a lien on the car, securing its loan. If Debtor files bankruptcy, how can he deal with this debt? (That sounds a lot like a law school question…) – If he files a Chapter 7, Debtor could reaffirm the debt. He would keep the vehicle and keep making his payments. I wouldn’t recommend this option, as Debtor would eventually pay $15,000 for a $3,000 car. If he’s going to spend $15,000, he might as…

Read More

The Three Bankruptcy Options For Dealing With Secured Debts

…n secured and unsecured debts.) After the personal liability is eliminated, secured creditors can enforce their liens through repossession if you default on the loan, but they cannot sue you for any deficiency. If you sign a reaffirmation agreement, you take that personal liability back on and allow the creditor to sue you for any deficiency if you default on the loan. Whether your bankruptcy attorney advises you to sign a reaffirmation…

Read More

Should I Sign a Reaffirmation Agreement?

…r won’t try to repossess or foreclose as long as you continue making your payments. • The secured lender may offer a better interest rate in exchange for your signature. The first two items are easily handled without a reaffirmation agreement: • If you don’t reaffirm the debt but want the credit reporting agencies to show you’ve been making your payments, you can request a payment history from your lender once per year. You can…

Read More