Home > Bankruptcy Basics > Affirm or Reaffirm After Bankruptcy, It’s Trouble Whatever It’s Called 27 Aug Affirm or Reaffirm After Bankruptcy, It’s Trouble Whatever It’s Called Posted at 22:03h in Bankruptcy Basics by L. Jed Berliner, Western & Central Massachusetts Consumer Lawyer 4 Comments
If property is secured by debt, you can keep it by reaffirming the debt in Chapter 7. by: Baran Bulkat , Attorney In a Chapter 7 bankruptcy, you must disclose whether you intend to keep or surrender (give back) certain properties such as your house or car.
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My husband and I filed chapter 7 in 2007. We did not reaffirm. – My husband and I filed chapter 7 in 2007. We did not reaffirm our home. After the discharge we tried to make mortgage payments and the bank would not accept (they also wouldn’t accept payment while the bk was going on).
– If you had signed a reaffirmation agreement during your chapter 7 bankruptcy case, your mortgage company now can try to collect this $ 32,000 from you. If you did not sign a reaffirmation agreement, your mortgage company cannot legally try to collect this $ 32,000 from you, and is limited to what they received from the sheriff’s sale.
If a secured creditor — such as a mortgage lender or auto loan lender — petitions. you can typically qualify for an FHA loan as soon as two years have passed after a Chapter 7 or one year after a.
A reaffirmation agreement between the debtor and a creditor works by waiving the discharge of a particular debt that would otherwise be discharged in the pending Chapter 7 bankruptcy. This means the debtor will be contractually obligated to the creditor and personally liable for the debt even after the bankruptcy case is closed.
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In Chapter 7 bankruptcy, one way to keep the property is to reaffirm the debt. You and the lender will enter into a reaffirmation agreement and file it with the court. Generally, you can only reaffirm debt if your equity in the collateral is exempt.
Filing for Chapter 7 bankruptcy is a means to discharge your debts and get a financial "fresh start." A home mortgage is a debt secured by property: the home in which you live. Filing for bankruptcy does not cancel your obligation to repay a loan if you remain in the home, nor does it end the bank’s lien.