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Reaffirmation is an agreement between the creditor and the debtor that the debtor will keep an asset after BK, but the debtor must still pay as required.
Example: You file a Chapter 7 and have a mortgage on your house. It is the only thing that is current and up to date in payments. The rest of your debt is unsecured credit cards. You may "reaffirm" your mortgage. This means you would keep the home, and you would still be responsible for paying the loan as per the original agreement and the unsecured debts are discharged.
Note: A judge can decline a reaffirmation request if your income does not look as if you can maintain the payment.
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With a Ch.7 can you reaffirm your first mortgage but have your second mortgage dismissed?
NO. The second mortgage is still secured by the property. Therefore it has to be reaffirmed or paid according to the stipulations of the lender.
What if i fail to surrender my car in bankruptcy?
You shouldn't have to, if it's financed they might want you to reaffirm but even that would be unusual, as long as you pay, they won't repo it. If not your exemptions can be used to cover enough of it to prevent a forced sale.
If you have a car loan included in a bankruptcy do you have to continue making payments?
If the vehicle is protected by the state or federal bankruptcy exemption, you can try to reaffirm the loan agreement with the lender. If that's not possible you will be required to surrender the vehicle and will be probably be held responsible for any deficiency and applicable fees after the car is resold.
If you continue to make payments will bank continue to pay taxes and insurance from escrow if you do not reaffirm your mortgage after chapter 7 bankruptcy?
If you continue making the regular mortgage payments, including the escrow amounts, you are reaffirming the debt. It would be better to formally file a reaffirmation agreement that is approved by the court.
If a bank has been advised that you are filing chapter 7 bankruptcy in Ohio but will reaffirm the car loan can they still repossess the vehicle?
Yes, many loan agreements have a clauses that allows them to call the note due and/or repo the vehicle if there are any singnificant changes to your credit status. Bankruptcy certainly qualifies.
What is the word for when you feel proven correct?
reaffirm
Can you file chapter 7 in Florida and re affirm your mortgage?
Yes, but its never wise to reaffirm a mortgage. Even if you dont reaffirm, as long as you keep making the mortgage payments, the bank wont foreclose.
How do Christians use the Apostles Creed in there everyday lives?
I suppose they use it to reaffirm their faith. Reading the word of God everyday will also reaffirm your faith and is probably better than mindlessly repeating the Apostles Creed.
If the President sent his picture to an ally of the US it would reaffirm any relationship?
no
If I don't reaffirm a car loan can the lender take the car back at any time even if I have paid equity into the car after a period of time?
If you don't reaffirm the debt, then the creditor has the right to repossess the car and sell it at auction to recover the debt owed to them, irregardless of what equity that you've paid. If you wished to keep the car, then you should have demanded that your attorney reaffirm the debt with that particular creditor.
Do you have to pay taxes and homeowners insurance if you did not reaffirm your mortgage?
yes you do obamas new rule
How do you use the word reaffirm in a sentence?
The President reaffirmed his commitment to saving Social Security.
What organization was created after ww2 to reaffirm faith in fundamental human rights?
United Nations
Can you pick and choose what you include in your bankruptcy?
You have to list everything in you bankruptcy. You may reaffirm what ever you chose to.
If you owe money on your car will it be taken if you file chapter 7?
No, you can reaffirm it and continue to pay your obligation.
Can you file for bankruptcy and not default on a title loan?
Yes. With the lender's permission, you can reaffirm the loan at the time your bankruptcy is executed.
What document did the second continental Congress send to king George to reaffirm colonists to him but not the parliament?
The Olive Branch Petition
