I have never counseled a client to reaffirm a credit card debt. Unlike a loan for a car, where you are trying to keep the car, credit cards are typically unsecured debts, and there won’t be any collateral that you’ll want to keep. Reaffirming a debt means that you will pay bills that bankruptcy would…Read more
Can I Change My Mind After I Reaffirm a Debt in Bankruptcy?
Yes. You can cancel any reaffirmation agreement for sixty days after it is filed with the court. You can also cancel at any time before the discharge order. To cancel a reaffirmation agreement, you must notify the creditor in writing. You do not have to give a reason. Once you have canceled, the creditor must…Read more
What is a Discharge in Bankruptcy?
A discharge order issued by the bankruptcy court permanently prohibits creditors from taking action against a debtor personally to collect debts incurred before the filing of the bankruptcy petition. The discharge does not prevent secured creditors from seizing collateral if payments are not kept up. The discharge does not prevent collection of debts incurred after…Read more
What Happens If I Pay Off Just One of My Creditors Before I File Bankruptcy?
You may find yourself in the position of having many creditors hounding you to pay off your debts, and it may be tempting to agree to pay off one of them. This could be especially true if the person you’re paying off is a family member. If you decide to payoff a loan from a…Read more
Can I Be Evicted if I File Bankruptcy?
One of the first questions I ask a potential client is whether she owns or rents her home. If she rents, I’ll ask her if she is up to date on her rent. If she’s behind on her rent, I’ll want to know if she’s been served with an eviction lawsuit. The second your bankruptcy…Read more
Debt Collection – The Movie
What is a Reaffirmation Agreement in Bankruptcy?
A reaffirmation agreement is an agreement between the debtor and a creditor by which a debtor becomes legally obligated to pay all or a portion of an otherwise dischargeable debt. What that means is that, if you sign a reaffirmation agreement, and you become unable to pay that debt, the creditor will be able to…Read more
What is a Bankruptcy Petition Preparer?
A “bankruptcy petition preparer” is a person or firm which is not authorized to act as an attorney, but who fills out your bankruptcy petition and related forms for a fee. Bankruptcy petition preparers can only provide and type the forms. They may not give you legal advice. Their services are subject to restrictions and…Read more
What is a Motion for Relief from Stay In Bankruptcy?
Under certain circumstances, a creditor or a party seeking to continue an action outside of the bankruptcy will file a motion for relief from stay. Typically, the creditor is seeking to foreclose on property, sell it and apply the proceeds to the debt. The motions are most common in cases where there is no value…Read more
What Are Exemptions in Bankruptcy?
The Bankruptcy Code allows an individual debtor to hold back from the bankruptcy process certain property. Such property is called an exempt asset. Exempt assets are protected by state law from distribution to creditors. Examples of exempt assets include vehicles up to a certain value, equity in a home up to a certain value, and…Read more
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