Reaffirmation Agreements in Wall
Get Help from Our Experienced Bankruptcy Lawyers
When you file for bankruptcy, you will need to make decisions about the debts you owe. If you have a debt that is secured by a lien on your property, the creditor may be able to force you to pay the debt to keep the property. However, you may be able to keep the property and pay the debt if you enter into a reaffirmation agreement with the creditor.
Why Choose Us?
At Cerbone Law Firm, our experienced bankruptcy attorneys can help you decide what is best for you and your family. We can guide you through the reaffirmation process, explain your rights and options, and help you make informed decisions about your debt.
With offices in Wall and Toms River, we proudly serve clients throughout Ocean County. We also offer Spanish-language services and can meet with you at our Toms River location or in your home.
Call Cerbone Law Firm today at (732) 402-0088 to schedule a free initial consultation with our experienced bankruptcy attorneys.
What Is a Reaffirmation Agreement?
A reaffirmation agreement is an agreement between a debtor and a creditor that allows the debtor to keep a property that is secured by a lien, but also reaffirms the debt. If you enter into a reaffirmation agreement, you will have to pay the debt in full and keep up with the terms of the agreement. If you fail to meet the terms of the agreement, the creditor may be able to force you to pay the debt or take the property.
There are several types of reaffirmation agreements, including:
- Chapter 7 bankruptcy — If you file for Chapter 7 bankruptcy, you will have to reaffirm all of your debts. However, you can choose to reaffirm some debts and have the others discharged.
- Chapter 13 bankruptcy — If you file for Chapter 13 bankruptcy, you will have to reaffirm all of your debts. You can then propose a payment plan to pay back the debts over a period of time.
- Home mortgage — If you have a home mortgage, you can reaffirm the debt to keep the home. You will have to pay the full amount of the debt and keep up with the mortgage payments.
- Auto loan — You can reaffirm an auto loan to keep the car. You will need to make the monthly payments and keep the car in good condition.
- Credit card — If you have a credit card, you can reaffirm the debt to keep the card. You will have to pay the full amount of the debt and make the monthly payments.
When you reaffirm a debt, you will have the same rights and protections as any other creditor. This means you can file for bankruptcy and have the debt discharged if you meet the requirements. You will also have the right to dispute the debt and have the creditor prove that you owe the money.
Why Reaffirm Debt?
Reaffirming debt is a serious decision. However, there are some situations where reaffirming debt can be beneficial. For example, if you have a home mortgage, car loan, or another secured debt, you may want to reaffirm the debt to keep the property. Reaffirming the debt will allow you to keep the property and pay the debt over time.
Reaffirming debt can also help you avoid paying additional fees. If you do not reaffirm the debt, the creditor may demand immediate payment of the full amount, including any fees. If you reaffirm the debt, you may be able to avoid paying these fees.
Contact Our Reaffirmation Agreement Attorneys in Wall, NJ
Reaffirming debt is a serious decision. We can help you determine whether it is the right decision for you and your family. Our experienced bankruptcy lawyers can help you understand your rights and options.
If you have questions about reaffirming debt, call (732) 402-0088 to schedule a free initial consultation with Cerbone Law Firm.
