Bankruptcy Chapter 7 Reaffirmation
In order to keep secured asset while filing for Chapter 7 Bankruptcy, it will become necessary to file a reaffirmation agreement. Attorney Randy Fischer briefly describes the process of obtaining reaffirmation agreements. Deciding on whether or not you want to enter into a reaffirmation agreement is worth of serious consideration. The debtor should realistically assess their financial position post Bankruptcy to determine whether they are in a financially viable position to enter into a reaffirmation agreement with a creditor.
Automotive financing is the most often reaffirmed agreements. When considering whether to reaffirm a car loan, realize if you then later default, you may be subject to any deficiency amount due, in the event the vehicle is repossessed and sold for an amount less than what is owed (the deficiency).
It is possible to renegotiate the terms of a loan agreement, but the likelihood is not a certainty. There are many factors that are taken into consideration by the creditor. Regardless, for many clients, it is important to know that if they have an automobile loan, they can reaffirm the loan and keep their car, provided there is no equitable value in the vehicle (either through exempting the equitable value or the vehicle is worth less than what is owed). It is imperative in Florida to be able to keep your car when filing for Chapter 7 Bankruptcy.
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