How Do You Reaffirm Debt In A Bankruptcy?
When you file for chapter 7 personal bankruptcy, there are some debts that you may want to reaffirm. To reaffirm a debt means that you want to continue to make payments on the account instead of having it discharged through the bankruptcy court. If you decide you want to reaffirm a debt you can consult your attorney and have the necessary paperwork prepared. A reaffirmation agreement can be prepared without the help of an attorney if you choose to do so. These agreements are for secured debts such as automobile loans and mortgages and they allow you to keep the property. Consult with your attorney. Review all of your debts and decide which ones you want to reaffirm. Once a debt is reaffirmed, it is legally enforceable by a creditor. If you miss any payments the creditor can continue with collection activities and repossess or foreclose on the property. Prepare the necessary paperwork. Each debt that needs to be reaffirmed must have its own reaffirmation agreement prepared. Your attorne
