Flint Debtor Creditor Contract Attorneys
One of the most persistent myths about Chapter 7 bankruptcy is that if you file, all of your property will be taken away. This is simply not true in most cases. While there may be circumstances where it makes sense to let property go, the reality is that, if you want to keep your property and get rid of your debt, you will most likely be able to. However, keeping property that you still owe money on will require the signing of a reaffirmation agreement.
Michigan Lawyers Dedicated to Protecting Your Property
You have the right to work with a lawyer who will educate you about your options and protect your best interests. At the law firm of Marrs & Terry, PLLC, we will work directly with you. We will find out what property is most important to you and we will help you protect it by signing reaffirmation agreements or through other means. We can help you eliminate debt and keep property. Contact our law firm online or call 866-665-8095.
What Is a Reaffirmation Agreement and When Should You Sign One?
You can keep property that you still owe money on, including your house and your car, but your creditor will expect you to continue making payments based on the original terms. A reaffirmation agreement is simply a contract between you and your creditor that reaffirms the debt you owe to the creditor and acknowledges that you will continue to pay that debt during and after the bankruptcy process. Not signing an affirmation agreement during a Chapter 7 means that creditors will be allowed to take back your property.
Signing an affirmation agreement is often the right step. However, what if your mortgage payments are beyond your means? What if your car payments are too high in relation to your income? We will help you review all options before moving forward.
Contact Us to Learn More About Reaffirmation Agreements and Chapter 7
If you would like to learn more about how to protect your house, car and other property in Chapter 7 bankruptcy, contact us online or call 866-665-8095 to discuss your situation with our experienced Ann Arbor and Rochester reaffirmation agreements attorneys.
