There are two different types of personal bankruptcy available to most people: Chapter 7 and Chapter. such as a mortgage or a car loan, you’ll still be obligated to make payments on those loans..
If your mortgage is current, you may be able to keep it going during and after your Chapter 7 bankruptcy. If you don’t sign a reaffirmation agreement, though, you may need to self-report mortgage payments to protect your credit. Here’s how.
If you have a house that you want to keep after your chapter 7 case is filed, then you do not need to sign a reaffirmation agreement. The way the bankruptcy laws .
When to Reaffirm a Mortgage Reaffirming a debt is an individual choice, but reaffirmation should be carefully considered while taking into account the following factors: Reaffirming Secured Debt in Chapter 7 Bankruptcy | Nolo – When you reaffirm a debt, you agree that you will still owe the debt after your bankruptcy case ends.
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Chapter 7 debtors with car loans must decide whether to reaffirm the car loan and. Bankruptcy Code said that if you kept payments current on a loan after filing,
In a Chapter 7. reaffirm a debt. If, for example, you want to hang onto a vehicle has a loan against it, you can sign a reaffirmation contract with the lender – bankruptcy trustee permitting. The.
After your bankruptcy has been discharged, you need to re-establish good credit, right away for a Chapter 7. mortgage on time will improve your credit report, so long as you reaffirmed the loan.
– Reaffirming your mortgage after bankruptcy has pros and cons. Consider them both before deciding to reaffirm your mortgage. Skip links.. "Bankruptcy has given you the right to discharge a debt and no longer have to repay it," says Sam Tamkin, a chicago-based real estate attorney , "If.
You cannot reaffirm that debt now, from a 2009 Chapter 7 case that was discharged. The mortgage lien survived your discharge, though, and it was not avoided by your Chapter 7 discharge. You can sign a new loan agreement with the current lender, or you can sign a loan with another lender, and pay off the existing loan.
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