Understanding Reaffirmation Agreements
Hello, I’m OKC bankruptcy lawyer Edward Kelley. Reaffirmation agreements are a way for debtors to keep certain debts out of bankruptcy by agreeing to continue making payments on them. However, they can also be a risky choice if the debtor cannot afford the payments or if the terms of the agreement are not favorable. To succeed with a reaffirmation agreement, it is important to carefully review the terms of the agreement and ensure that you can afford the payments.
Before signing a reaffirmation agreement, be sure to review the terms of the agreement carefully. This includes reviewing the interest rate, the total amount owed, and the payment schedule. Make sure that the terms of the agreement reflect your understanding and that there are no errors or omissions.
Negotiation and Alternatives
If the terms of the reaffirmation agreement are not favorable, it may be possible to negotiate with the creditor for better terms. For example, you may be able to negotiate a lower interest rate or a longer payment schedule. If negotiation is not possible or if the terms of the agreement are simply unaffordable, there may be other options available, such as surrendering the collateral or seeking a different type of bankruptcy discharge.
Get Professional Help
If you are considering a reaffirmation agreement, it is important to speak with a qualified Oklahoma bankruptcy attorney who can help you understand your options and make an informed decision. We offer free consultations to help you explore your options and determine the best course of action for your financial situation. Contact us today at oklahomacitybankruptcyattorney.pro to schedule your consultation.