Do I Have To Reaffirm Any Debts?
• Do I have to reaffirm on the same terms? • Should I reaffirm? • Should a debtor reaffirm any of their my debts to “build up” their credit after bankruptcy? • Do I have other options for secured debts? • Do I have to reaffirm car loans, home mortgages? • And what about credit cards and department store cards? 1. What is a reaffirmation? Although you filed bankruptcy to cancel your debts, you still have the option to sign a written agreement to “reaffirm” a debt. If you choose to reaffirm then you agree to be legally obligated to pay the debt despite filing for bankruptcy. If you reaffirm then the debt is not canceled by a bankruptcy. If you fall behind on a reaffirmed debt, then you can get collection calls, be sued, and possibly have your paycheck garnish or other property seized. Reaffirming a debt is a very serious matter. You should never agree to a reaffirmation without a very good reason. 2. Do I have to reaffirm any debts? No. Reaffirmation is always optional. It is not require
