What is involved in reaffirming debt in a chapter seven bankruptcy?

Answer by  Champ (552)

You're going to need to get a lawyer first off. This is very serious, as any bankruptcy case tends to be.

Answer by  patti (29325)

It depends on the debt to be reaffirmed. Consult with the bankruptcy attorney, who will make sure the process is handled properly.

Answer by  MSH (305)

you have to work out a payment agreement with the creditor and the Court and the US Trustee will approve the deal

Answer by  Gus28 (683)

In Chapter 7 bankruptcy you list all assets and debts. Reaffirming a debt means you are not writing it off in the bankruptcy. This is usually done in connection with a car you wish to keep. You reaffirm the debt with a new agreement and resume making payments on the item.

Answer by  Mary (2095)

This would be similar to refinancing where a new mortgage or loan is created in order to keep the home or possibly a vehicle.

Answer by  gleverance (720)

It is as simple as sending a statement to the court that you wish to reaffirm a debt, specifying what company and the amount of the debt. You would be well served to make arrangements with the company you are planning on paying back, and make sure it's in your best interest.

Answer by  flamiss22 (5081)

You need to inform the courts and the debtor you intend to remove them from the bankruptcy and they will in turn make new payment arrangment with you.