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When a Debtor plans to reaffirm, it so happens at times that either its Creditors or opposing parties, or the regulators or bar counsel who have never filed a case or helped anyone in their life, advice the debtors on things they aren’t sure themselves, and the debtors are often misled. This article will help you know the depths and details of reaffirmations, which, though important, have been neglected, and created confusion since 2005.
1) There is not 1, but many options to keep your Assets as they are. So fretting won’t help you.
Remember, chapter 13 is always an option, even if not reaffirming. So all debtors, you can all relax. Reaffirming will only help you to get rid of your debts, not to file Bankruptcy. Reaffirming in a way is keeping your debt, and not getting rid of it. So obviously, lenders are keener on debtors who would reaffirm, as for the lenders, it would mean not losing out on anything. Creditors need to beware of the fact, where reaffirming is required, and where letting go of an asset is a better deal. Just going by some general advice doesn’t help always. Make sure you choose a good attorney, who gives you proper and accurate advice on the same. You can also contact Recovery Law Group from Los Angeles & Dallas, TX for the Same.
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A debtor may at times voluntarily reaffirm, surrender under the court, or take other measures. But sometimes, the best thing to do is do nothing. Just pay up, and get your asset back. And that is the best for you. Possession of any asset is 9/10th of the law. So technically, it is all yours. You can file for bankruptcy under chapter 13, or use foreclose as a tool, and a debtor has so many other options too. So before taking the step of reaffirmation, be sure if you want to do it. Know not just its pros, but also its cons before you plan to go forward with reaffirmation. It may seem all rosy, but not everything is a rosy picture always.
2) If you already know that Reaffirmation is a bad mistake for the debtors, why are you still in doubt?
The confusion is created by some creditors and some uninformed debtors. People with a lack of knowledge, or half-knowledge are the ones who create the most confusion. But mostly, the biggest problem is caused by the fact that, when the note is discharged and the claim on the property still exists, the creditors don’t report the Credit Bureaus, like Transunion, Experian, or Equifax when the debtor post-bankruptcy continue with their payments. This creates a big problem for the debtors. That is probably the main reason that debtors think of reaffirmation.
Think it through, consult your attorney, and only then, go for reaffirmation.
Many will come, who will teach you a lot of other things, but trust only those, who you know will give you the correct and proper advice.