Hi everybody, Edward Kelly here, Oklahoma bankruptcy attorney, finishing up our series on reaffirmations. I’m just going to summarize what we went over. Reaffirmation is taking a debt out of bankruptcy and putting it back on the table, meaning you won’t be discharged and you’re going to have to pay it.
Generally, you’re going to do this because there’s collateral tied to it that you want to keep. If you have a car note, for example, on personal property like a vehicle, if you don’t reaffirm it, they can repo it, even though you’re not buying on your payments. So if you want to be safe with your car, for example, you may want to reaffirm it. It may be the same with furniture or other property that maybe you don’t have equity but you want to keep.
Qualifying for Reaffirmation
Then we talked about who qualifies. Well, you just want to make sure that you can afford it. And you’re going to have to prove that in the agreement anyway. Then we talked about how a house, not a lot to gain from a reaffirmation, at least the way the laws are at this time. That’s real property. They still have to foreclose on you just the same. And reaffirming just brings back your personal liability.
Mastering the Reaffirmation Process
We talked about how to succeed. And I said that you should really look at the terms on that reaff. Make sure that it works in your life, that it’s valid and does reflect what you actually would owe. And think long and hard before you sign that deal because you can’t do another Chapter 7 for eight years. So that’s a reaffirmation process.
Get a Free Consultation Today
As always, if you have any questions or concerns about the reaffirmation process, don’t hesitate to call me, a reaffirmations lawyer in Oklahoma City, at oklahomacitybankruptcyattorney.pro for a free consultation.
The Oklahoma City, Oklahoma law office of Edward R. Kelley provides bankruptcy representation throughout Oklahoma including Oklahoma County, Cleveland County, Canadian County, Guthrie County, Payne County, Grady County, Logan County, Lincoln County, McClain County, Pottawatomie County, Kingfisher County, Norman, Edmond, El Reno, Stillwater, Shawnee, Purcell, Chickasha, Guthrie, Chandler, Enid and Perry.