Chapter 7 Reaffirmation

Reaffirmation is when the debtor voluntarily obligates himself to a legal debt that could be discharged. This means that there is no discharge for this particular debt and it must continue to be paid as usual, as if the bankruptcy never happened. In order to qualify for reaffirmation a debt must be secured, i.e. an auto loan.  Reaffirmations can sometimes be beneficial for debtors because it is a brand new contractual agreement and more favorable terms can be negotiated.

If you are considering reaffirming a debt it is imperative that you seek out experienced legal counsel.  The Fears | Nachawati Law Firm has knowledgeable cancel that can assist you with your reaffirmation needs.