{"id":291,"date":"2013-03-01T17:53:41","date_gmt":"2013-03-01T17:53:41","guid":{"rendered":"http:\/\/bankruptcyattorneystl.com\/?p=291"},"modified":"2013-03-01T17:53:41","modified_gmt":"2013-03-01T17:53:41","slug":"should-i-reaffirm-my-debts","status":"publish","type":"post","link":"http:\/\/bankruptcyattorneystl.com\/?p=291","title":{"rendered":"Should I Reaffirm my Debts?"},"content":{"rendered":"

When filing for bankruptcy, debtors are faced with several important decisions.\u00a0 Some of the most important decisions made apply to what they are going to do with the property they own.\u00a0 Through bankruptcy debtors can choose to surrender property without any penalties and without facing any deficiencies; This even applies to property that has a remaining loan balance on it.\u00a0 Or, if they want to keep their property, debtors are also able to retain it; they can even keep property that has a remaining loan balance on it.\u00a0 Typically, debtors will decide they need to keep their cars or homes.\u00a0 If a debtor chooses to keep certain property with remaining loan balances, many times the lender that has the loan and holds the property as collateral will require the debtor to sign a reaffirmation agreement.<\/p>\n

Reaffirmation agreements are a voluntary agreement between a debtor and a lender that must be filed within sixty days of the meeting of creditors, or before the bankruptcy case is closed. \u00a0A reaffirmation agreement states that the debtor is agreeing to continue to make payments on the item they want to keep as they would have if they did not file for bankruptcy. In other words, the debtor will be making payments in accordance with the terms of the original agreement.\u00a0 If a debtor chooses to sign a reaffirmation agreement, he or she is completely responsible for the particular debt.\u00a0 However, once a debtor signs a reaffirmation agreement, they still have the option to withdraw the agreement, but they must do so within sixty days of when it was filed.<\/p>\n

Deciding to sign a reaffirmation agreement is a very important decision and there are many factors that debtors should consider when doing so.\u00a0 If you desire to keep certain property that has sentimental and\/or practical value, like a house or a car, a reaffirmation agreement will allow you to do so.\u00a0 However, debtors need to take into account whether or not they can actually afford to make payments on those properties.\u00a0 If a debtor signs a reaffirmation agreement and consequently cannot make payments, he or she can find\u00a0 his or her self back in financial trouble once again.\u00a0 A reaffirmation of a debt will essentially eliminate the fresh start aspect of Chapter 7 bankruptcies.\u00a0 Reaffirming a debt is not a requirement; however, sometimes it may be in your best interest.\u00a0 By reaffirming a debt, the payments you make towards your property will be reported to credit bureaus. This is a positive way to begin re-building your credit history post-filing.\u00a0 Conversely, however, if you reaffirm and are unable to keep up with payments post-filing, it could negatively effect your credit once again. \u00a0\u00a0If debtors are unsure if they can make the same payment post-filing, they should consider whether or not signing the reaffirmation agreement is the best option for them. Some debtors decide to reaffirm debts solely because they think that they will not be able to find another lender who will help them finance something like a car post filing; however, there are lenders that specialize in helping people who have filed for bankruptcy.<\/p>\n

If you have questions about reaffirming your debt, contact a St.Louis Bankruptcy attorney<\/a> today!<\/p>\n","protected":false},"excerpt":{"rendered":"

When filing for bankruptcy, debtors are faced with several important decisions.\u00a0 Some of the most important decisions made apply to what they are going to do with the property they own.\u00a0 Through bankruptcy debtors can choose to surrender property without … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-291","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nShould I Reaffirm my Debts? - St. Louis Bankruptcy Attorneys<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/bankruptcyattorneystl.com\/?p=291\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"St. Louis Bankruptcy Attorney\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291\"},\"author\":{\"name\":\"St. Louis Bankruptcy Attorney\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"headline\":\"Should I Reaffirm my Debts?\",\"datePublished\":\"2013-03-01T17:53:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291\"},\"wordCount\":539,\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291\",\"name\":\"Should I Reaffirm my Debts? - St. Louis Bankruptcy Attorneys\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\"},\"datePublished\":\"2013-03-01T17:53:41+00:00\",\"author\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#\\\/schema\\\/person\\\/ffac9d6264cfaf62f3228d9b170a410b\"},\"breadcrumb\":{\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/?p=291#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Should I Reaffirm my Debts?\"}]},{\"@type\":\"WebSite\",\"@id\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/#website\",\"url\":\"http:\\\/\\\/bankruptcyattorneystl.com\\\/\",\"name\":\"St. Louis Bankruptcy Attorneys\",\"description\":\"by A & L, Licker Law Firm with offices in Florissant, St. Louis, Manchester, Granite City, and St. Charles. 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