When filing bankruptcy typically all, or a majority, of your debts are discharged and you are no longer responsible for these debts.  A reaffirmation agreement comes into play when you are dealing with secured creditors (i.e. car loans, mortgages, etc.).  When you reaffirm a debt you are signing a contract making you responsible for that debt after…

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A common question that I receive from new clients is “can I keep my house/car when I file bankruptcy?” The short answer is YES. By signing a reaffirmation agreement you will be able to keep your property once the bankruptcy case is complete. However, by entering into this agreement you will continue to be personally responsible for the…

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How Secured Creditors are Different from Unsecured Creditors in Bankruptcy When a debtor files for bankruptcy, most of their debts will be held by either secured or unsecured creditors.  Understanding these types of creditors and how they are treated is important for successfully completing one’s bankruptcy. A “secured creditor” is a person or business that loaned…

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What happens if I don’t sign a reaffirmation agreement on a secured debt? Typically when a debtor does not sign a reaffirmation agreement for a mortgage in a Chapter 7 bankruptcy, the creditor will not repossess the property as long as the debtor continues to make payments.  However, the creditor will cease sending monthly billing statements…

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“Secured Creditor“ Sounds important, maybe scary, but remember –knowledge is power. A secured creditor is a creditor with a valid mortgage or lien against the property of a debtor, such as a mortgage, home equity loan, or car loan.  Property of the debtor that is encumbered by a valid mortgage or lien is called secured property. A secured…

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Most Debtors Keep Property in Bankruptcy – Call for a free consult, (937) 318-1529 A debtor may retain and redeem certain secured personal and household property, such as household furniture, appliances and goods, wearing apparel, and tools of trade, without payment to the secured creditor, if the property is exempt and if the mortgage or…

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Unsecured Creditors and their Treatment under Chapter 7 An unsecured creditor is a creditor without a valid lien or mortgage against property of the debtor, usually credit card companies or medical debt.  If the debtor has non-exempt assets, unsecured creditors may file claims with the court within 90 days after the first date set for…

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