Oklahoma Reaffirmation 101: Understanding the Counterintuitive Debt Solution

What is a Reaffirmation?

Hello everybody, Edward Kelly here. I’m the Oklahoma City bankruptcy attorney and we’re going to do a quick series on reaffirmations. So what is a reaffirmation? Well, generally it’s used in chapter 7 to keep a debt. So basically it’s a little bit counterintuitive but you can’t leave any debts out of bankruptcy.

A lot of new clients say, hey I don’t want to file on my car. Well, you have to list every single debt that’s required so you sort of have to file on the car but what you can do is then reaffirm the debt. So rather than leave it out what you do is bring it back out. So you brought your car debt into the bankruptcy, say you owe $10,000 to Honda.

What’s Included in Reaffirmation Services?

Then I reach out and part of my services, not all attorneys do this, but I include reaffirmation in my services. We reach out to Honda and we sign basically a new contract that that signing occurring after filing which brings it out of bankruptcy. So then you’ve got your vehicle or whatever debt you want to reaffirm. It doesn’t necessarily have to be secured although it doesn’t make much sense to even try to do it with non-secured debts. In certain cases, you can do that as well.

So that’s what a reaffirmation is and in the next video, we’ll talk about how you qualify to be able to do that reaffirmation. As always you can reach me at oklahomacitybankruptcyattorney.pro.

Free Consultation with an Experienced Bankruptcy Attorney

If you’re considering filing for bankruptcy and are unsure if reaffirmation is right for you, give me a call for a free consultation. As an experienced bankruptcy lawyer in Oklahoma, I’m here to answer your questions and help you make the best decision for your financial future.

Visit oklahomacitybankruptcyattorney.pro to schedule your free consultation.