A reaffirmation agreement is a contract between you and the creditor that you will pay all or a portion of the money owed, despite the bankruptcy filing. In return for keeping your property after the bankruptcy, the creditor promises that, as long as payments are made, the creditor will not repossess or take back the property.
Before entering into such an agreement, ask an attorney to ensure that your rights are protected and that any reaffirmation is in your best interest. If you are not represented by an attorney in your bankruptcy case, the reaffirmation agreement will have to be approved by the bankruptcy judge. The judge will ask questions to determine whether the reaffirmation agreement imposes an undue burden on you or your dependants and whether it is in your best interests. Since reaffirmed debts are not discharged, the bankruptcy court will normally only reaffirm secured debts where the collateral is important to your daily activities (i.e., a car). In any case, you’ll have a cooling-off period in which to cancel the reaffirmation agreement if you change your mind.
Reaffirmation agreements are strictly voluntary. They are not required by the Bankruptcy Code or other state or federal law.
Read more for related video clips.
Reaffirmation Agreement - Should I Sign on the Dotted Line?
Jonathan Ginsberg, Atlanta bankruptcy, Chapter 7, reaffirmation agreement, secured creditor, collateral, should I reaffirm my car in chapter 7, should I reaffirm my home in Chapter 7, downside to reaffirmation agreement, what happens if I do not reaffirm a creditor in chapter 7 bankruptcy
Reaffirmation Agreements - Should You Obligate Yourself by Signing?
dictionary, english dictionary, online dictionary, vocabulary, english vocabulary, online vocabulary, how to pronounce words, what do words mean, reaffirmation agreement, what is reaffirmation agreement, reaffirmation agreement meaning, reaffirmation agreement definition, reaffirmation agreement explanation, what is the meaning of reaffirmation agreement, what is the definition of reaffirmation agreement, what does reaffirmation agreement mean
reaffirmation agreement, reaffirm, bankruptcy, chapter 7, chapter 13, atlanta lawyer, bankruptcy attorney, debt, discharge, repo, redeem, yt:cc=on, atlanta bankruptcy attorney, atlanta bankruptcy attorneys, atlanta bankruptcy lawyer, atlanta bankruptcy lawyers, duluth bankruptcy lawyer, marietta bankruptcy lawyer, jonesboro bankruptcy lawyer, kennesaw bankruptcy lawyer, can I keep my car in chapter 7, can I keep my home in chapter 7, bankruptcy trustee, credit after bankruptcy
If you have #debt which you want to #retain in your case you may be required to ...