As a general rule, I do not think it is ever a good idea to reaffirm a mortgage in a Chapter 7 bankruptcy case. When you reaffirm a debt, you basically re-obligate yourself on it and make yourself personally liable for something you could have eliminated in a Chapter 7. However, most of my clients […]
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Almost everyone who files Chapter 7 bankruptcy wants to also begin the process for reaffirming their car loan. When reaffirming a car loan, you sign an document whereby you agree to treat the car debt as if you had never filed bankruptcy against it. In some cases, this can be a bad idea. In Northwest
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The recent rise in used car prices will impact both Chapter 13 and Chapter 7 cases in Georgia. The Wall Street Journal recently reported that “prices for used cars hit a record high in April and are poised to go even higher as production cutbacks during the recession and the more recent Japanese earthquake has
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“After filing bankruptcy in Georgia, will I be able to keep my four wheeler?” Last week, I was asked this question by a Rome GA bankruptcy client. In their situation, the four wheeler was their child’s toy that they drove around every day after school. The thought of taking it away from their child clearly
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In some Chapter 7 bankruptcy cases, a section 722 redemption might be a good idea. Section 722 of the Bankruptcy Code allows a debtor to redeem collateral (like a car) for the amount of the secured claim. Section 722 states, ” An individual debtor may, whether or not the debtor has waived the right to
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In a Chapter 7 bankruptcy, it is sometimes a bad idea to reaffirm certain types of debts. Reaffirm means you re-obligate yourself on the debt. Or in other words, you legally agree to treat the debt as if you have never filed Chapter 7 bankruptcy against it. For example, lets you bought a car from
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Reaffirmation Agreement In a Chapter 7 bankruptcy, a reaffirmation agreement is basically a contract between you and your creditor, that states that you agree to to treat that specific debt as if you have never filed bankruptcy. If you sign a reaffirmation agreement and then fail to pay that creditor, they can sue you and
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