“I am going bankrupt! I am going to lose my house and my cars!” Not so fast. If you are filing a chapter 7 bankruptcy and your household income is greater than or equal to your expenses (minus all those nasty credit card bills you are getting rid of) you can keep your house and cars by reaffirming those debts. At some point prior to the end of your bankruptcy case you will get paperwork from the lenders asking you to agree in writing to continue to pay those debts. The Court will usually approve these agreements if reaffirming those debts is in your best interests. Furthermore, payments on reaffirmed secured debts will be reported to credit bureaus, thus helping to resurrect your credit score.
To learn more about Bankruptcy, go to our website at www.mb-law.com.
To learn more about Bankruptcy, go to our website at www.mb-law.com.
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