Reaffirming Debts on Property You Want to Keep
A reaffirmation agreement is an agreement between a lender and a borrower where the borrower agrees to repay a debt despite the fact that it could have been discharged in bankruptcy. This is used in circumstances where a borrower wishes to contain a particular piece of property like a car, vehicle or sometimes real estate.
Reaffirmation is a big part of the Chapter 13 bankruptcy process. Before you take any reaffirmation action, it is extremely important to reach out to a skilled bankruptcy attorney. In some cases, reaffirmation is not the ideal course of action; there may be alternative ways to keep a piece of property.
For more than three decades, we have helped people through difficult financial circumstances. We are ready to help you do the same.
If you are in a burdensome financial situation but seek to keep some assets, we at Oliver & Legg will help you address all issues in the most efficient and effective way with an eye on your long-term financial well-being. We will work directly with you to understand all options and goals. From there we will help advise you on the best course of action and move forward on a plan that is best suited to your needs. We encourage you to get in touch.