Hello everybody, Edward Kelly here, OKC bankruptcy attorney, continuing our series on reaffirmations. As I said, that is basically bringing a debt back out of bankruptcy, enabling you to keep it, most often a car note. So how do you qualify for that?
Well, you can’t just do it. You’re in a Chapter 7, so you’re not supposed to really have much money to speak of leftover, no disposable income, you know, more than a hundred even dollars a month. So in order for you to do that reaffirmation, you know, there’s kind of an assumption you may not be able to do it and the court is not there to put you back in trouble.
So you may have trouble reaffirming your $750 Cadillac Escalade payment if you can’t really afford it to begin with. However, if that car payment was used as part of your expenses, which it normally is, and your disposable income is not negative, meaning you’re not below zero, and you can show that there is room to pay it, then you can do it. And that’s all part of the reaffirmation agreement.
How to Qualify for a Reaffirmation Agreement
The terms of your note with Cadillac Financing and the calculation from your bankruptcy documents showing that you have enough money to do it are all included in that agreement, which I help you in some cases prepare or help you go over from the lender and then either we or the lender execute that, meaning file it with the court before the case is over.
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So that’s how you qualify as have enough money to do it. As always, you can reach me, an Oklahoma reaffirmations lawyer, at oklahomacitybankruptcyattorney.pro.
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.