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Posted on in Secured Debts

Unlike most legal contracts, you can change your mind and undo a reaffirmation agreement during a short period of time after signing it.

Reaffirmation Agreements

Our last four blog posts have been about reaffirmation agreements in a “straight bankruptcy” Chapter 7 case. In particular the first of these introduced these special agreements and the second one discussed their risks. (The ones dated December 20 and 22.) You might want to look at those before reading further here.

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Posted on in Secured Debts

You don’t need to go to a reaffirmation hearing, unless you don’t have a lawyer, or he or she does not sign the reaffirmation agreement.

Reaffirmation Agreement

If you want to keep the collateral on a debt usually you have to exclude that debt from the legal write-off (“discharge”) of your debts that you receive in a Chapter 7 “straight bankruptcy” case. You exclude that debt from the discharge by signing a “reaffirmation agreement.” You remain legally liable on that debt. Through that document. most of the time you agree to all the terms of your original debt agreement. See this sample form reaffirmation agreement.

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Posted on in Secured Debts

You can usually keep collateral you need to keep by entering into a “reaffirmation agreement” with the creditor during your Chapter 7 case.

Last time we got into debts that you might voluntarily pay after a Chapter 7 case out of personal obligation. Today we cover debts voluntarily paid but for the purpose of keeping the collateral that’s securing the debt. This is usually done by “reaffirming” the secured debt.

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Chapter 7 buys you the crucial time you need in many situations when falling behind in your obligations related to your vehicle or your home.

In the last several weeks of blog posts we’ve given many examples of how bankruptcy can buy you time for your vehicle and for your home. Here’s a summary how a Chapter 7 “straight bankruptcy” can do so.

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Chapter 13 cramdown doesn’t just work for vehicle loans. You can also cram down debt for the purchase of “any other thing of value.”


Our last blog post was about the cramdown of vehicle loans. Cramdown can significantly decrease your monthly payment and reduce how much you pay for your vehicle before it’s yours. To qualify, your loan has to meet some conditions. In particular the vehicle loan has to be more than 910 days old when you file your Chapter 13 case. (That’s about 2 and a half years old.)

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