What is the Reaffirmation Agreement? 20 Answers as of July 22, 2011

I am trying to file by myself and need a bit of clarification on this- what is it and how can it help me?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
You are essentially saying, I can include this in the BK but I will continue to pay on it and leave it outside of the BK
Answer Applies to: Washington
Replied: 7/22/2011
Breckenridge and Walton
Breckenridge and Walton | Alan D. Walton
Debt survives the bankruptcy - generally not advisable.
Answer Applies to: Michigan
Replied: 7/22/2011
Eric J. Benzer, Attorney at Law
Eric J. Benzer, Attorney at Law | Eric Benzer
Reaffirms a debt.
Answer Applies to: Maryland
Replied: 7/20/2011
Tucker Legal Clinic
Tucker Legal Clinic | Samuel Tucker
First, you need a lawyer. A reaffirmation agreement occurs in a Ch7 when the debtor needs to keep financed property such as a car. You "re-obligate" yourself to the debt, it is approved by the court and you cannot then discharge the debt.
Answer Applies to: Mississippi
Replied: 7/20/2011
Law Office of Lynnmarie A. Johnson
Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
A reaffirmation Agreement is where you agree to take back on a loan that you discharged by filing your Chapter 7, usually for something like a car. You are not required to reaffirm for real property, i.e. your home,, and I don't know of any attorney who would suggest you do that. But for personal property, like cars, furniture, etc, if you don't reaffirm, they can come get the item and take it if you don't sign the reaffirmation.
Answer Applies to: Michigan
Replied: 7/20/2011
    Rosenberg & Press, LLC
    Rosenberg & Press, LLC | Christopher D. Hite
    Filing your own bankruptcy is the worst idea imaginable. No definition or answer on this site could possibly give you the knowledge, expertise and understanding to adequately protect your rights in a bankruptcy filing. Stop fooling yourself and hire a professional.
    Answer Applies to: Connecticut
    Replied: 7/20/2011
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    Do not attempt to file a bankruptcy on your own. I feel like I should repeat this. This is like trying to fix your car's transmission without knowing the first thing about mechanics or engineering. You will wind up with a car you can not drive. Ironically both the transmission and the attorney fees for a bankruptcy are approximately comparable. Maybe next you can take up brain surgery. Unless you have the requisite education, the command of the statuary materials, the knowledge of the exemptions and other important particulars, you are only playing at being a lawyer and could very possibly cause yourself serious trouble. The definition of a reaffirmation is the least of your concerns. It is a contract to re-obligate yourself to a debt despite Discharge. You should probably look up discharge next. Now you have a definition, but you still don't comprehend the benefits or down sides to this concept. If you want a root canal, see a dentist. If you want an animal stuffed, see a taxidermist, if you want glasses see an optometrist. Don't be a fool. Hopefuly this is a once in a lifetime event. Hire a qualified attorney!
    Answer Applies to: Connecticut
    Replied: 7/20/2011
    Bird & VanDyke, Inc.
    Bird & VanDyke, Inc. | David VanDyke
    On secured debts mostly car loans, you may have to re affirm the debt so you do not lose the vehicle.
    Answer Applies to: California
    Replied: 7/20/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    First of all, let me stress, do NOT file a bankruptcy without a lawyer. Unless you understand not only reaffirmations, but things such as motions to avoid lien, motions to strip liens, motions to lift stay, Trustee audits, the means test, how to best use your exemption, etc. you could make unfixable and expensive mistakes. A reaffirmation takes a debt out of bankruptcy where you remain liable on it. Very rarely is it a good idea, and in some cases it can be catastrophically bad. Even where it is a good idea, you want a lawyer to negotiate favorable terms and review it. But again, stop. Do NOT file pro se. Most pro se bankruptcies go badly. Most with lawyers go well.
    Answer Applies to: Georgia
    Replied: 7/20/2011
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
    CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
    agree to repay debt that was discharged
    Answer Applies to: California
    Replied: 7/20/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    A reaffirmation agreement is an agreement in writing with a creditor as to a discharged debt that is going to be paid in spite of filing. Typically,, this would be an automobile loan or other secured debt where there is collateral. It is rare to reaffirm an unsecured debt. The advantage of a reaffirmation for the creditor is in the event of a default it can get a deficiency judgment. This is a disadvantage for the debtor. Some creditors will other continued payment to be accepted without a reaffirmation agreement. If you represent yourself the judge has to approve it to be enforceable. It needs to be in your best interest and not harm you or your dependents. Before reaffirming a debt consult with a bankruptcy attorney.
    Answer Applies to: California
    Replied: 7/20/2011
    Ray Fisher Law Offices
    Ray Fisher Law Offices | Ray Fisher
    You really should be asking your bankruptcy lawyer this question.
    Answer Applies to: Texas
    Replied: 7/20/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    First, it's not good to file om your own- too many potholes that can cosy you dearly. A reaffirmation (reaff) is an agreement to take your debt out of bankruptcy protection, and I don't know of any way it will help you. Ford will repossess w/o one, but lawyers know how to prevent that. It might help your credit by a couple of points, but there are easier ways. If you have money troubles after your bankruptcy and you've filed a reaff, the company can take your car and sue for the balance. W/o a reaff, they only get the car. Don't reaffirm your house- not needed. And don't reaff anything you bought from a furniture or electronics store.
    Answer Applies to: Virginia
    Replied: 7/20/2011
    Financial Relief Law Center
    Financial Relief Law Center | Mark Alonso
    Some people have secured debt at the time they are filing for bankruptcy, such as a car loan. When the debtor wants to keep the car and continue to make payments on the loan, that person may be faced with the issue of reaffirming the property. Reaffirming means that you are accepting personal liability on the note for that debt. Some companies will require you to sign reaffirmation, but you should do so with caution, since you debt would otherwise be discharged in the bankruptcy and reaffirmation means you are now accepting a personal liability on the debt. It may not always be in your best interest to do this. You should consult with an attorney or clinic about whether or not you should agree to reaffirm the debt. If it is at all possible to work out the issue with the creditor so that you can continue to keep the property and make payments on it without having to accept personal liability on the debt, that is probably preferred.
    Answer Applies to: California
    Replied: 7/20/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    If you want to keep your car, sign the reaffirmation agreement. *Do not*reaffirm on any unsecured debt or real property. Because you are unrepresented the creditors will mess with you and send you things you do not need to sign.
    Answer Applies to: California
    Replied: 7/20/2011
    Dan Shay Law
    Dan Shay Law | Daniel Shay
    If you reaffirm the debt, it survives the Bankruptcy. I never do reaffs unless some really good reason. Be sure to stay current on a vehicle loan if not reaffirmed.
    Answer Applies to: California
    Replied: 7/20/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    New contract between you and creditor.
    Answer Applies to: California
    Replied: 7/20/2011
    Law Offices of Alexzander C. J. Adams, P.C.
    Law Offices of Alexzander C. J. Adams, P.C. | Alexzander Adams
    A reaffirmation agreement is used to keep secured loans. Oregon will not allow you to reaffirm real estate loans, but you can reaffirm certain loans such as car loan.
    Answer Applies to: Oregon
    Replied: 7/20/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    A reaffirmation is an agreement sent to you by your lender of secured assets, most likely for a vehicle. If you sign it, you are agreeing to be liable for the debt after your bankruptcy. You are not required to sign the agreement, but if you do, try to see if you can get a break on the interest rate or get lower payments.
    Answer Applies to: Washington
    Replied: 7/20/2011
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