Reaffirmation Agreements What You Need to Know

Did you know that under the bankruptcy law that if you owe a debt that is not exempt from the bankruptcy code, you have three options.  At Sunshine State Bankruptcy, we believe these three options can help you understand about your debt. You can:

1. Surrender
2. Redeem it
3. Affirm it

If you choose to reaffirm the debt, you and the creditor will reach an agreement that is filed with the court together the declaration of the attorney who negotiated the reaffirmation agreement. If in your bankruptcy discharge you don’t make payments pursuant to your reaffirmation agreement, your creditor can seize the assets. So, in other words, if you don’t make payments on your car despite the fact that you have redeemed it the car dealership can take your vehicle back.

You can learn more about your options when dealing with reaffirmation agreements and anything related to bankruptcy by  contacting Sunshine State Bankruptcy today at 727.258.4999.

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