Sentences with phrase «reaffirm debt»

He did not reaffirm debt of the first mortgage, but he reaffirmed the second mortgage.

Also, throughout the duration of your bankruptcy will have the option to reaffirm your debt to retain certain property.

Under a Chapter 7 you can reaffirm your debt before a bankruptcy discharge is entered, which means you will continue to repay a certain debt that would typically be discharged.

To keep this piece of property you will need to reaffirm your debt during bankruptcy and then continue making payments afterward.

It is also not a good idea to reaffirm the debt if you might have difficulty making mortgage payments in the future.

When you file for Chapter 7 bankruptcy in Florida and want to keep your car or home, you may be able reaffirm the debt.

For this reason, if you want to keep property that is collateral for a secured debt, you will need to catch up on the payments and continue to make them during and after bankruptcy, keep any required insurance, and you may want to reaffirm the debt if you file a chapter 7.

«It never makes sense to reaffirm a debt for anything except, conceivably, a car,» says Henry Sommer, president of the National Association of Consumer Bankruptcy Attorneys.

In bankruptcy, court's OK needed to reaffirm For that reason, if you want to reaffirm a debt in bankruptcy, you have to get the move blessed by the court.

«As a general rule for consumers, the presumption should be that it's never a good idea to reaffirm debt, particularly in bankruptcy,» says Jack Williams, resident scholar for the American Bankruptcy Institute.

For example, to keep a car the debtor may choose to redeem the debt (pay the secured creditor the value of the collateral in exchange for a release by the creditor of their lien) or reaffirm the debt (sign a reaffirmation agreement and continue to make car payments).

If a debtor does not reaffirm the debt, the amended Code allows a secured lender to repossess collateral, even if the debtor is current on payments.

In those cases — and if you are current on payments — you can surrender the property to pay off creditors; reaffirm the debt and continue to pay it after the bankruptcy; or redeem it by paying the creditor the replacement value of the property.

If you want to keep the vehicle and continue making your payments, you can reaffirm the debt.

The deed says you own the house, not reaffirming the debt.

Most of these are just ways for the bank to punish you for not reaffirming the debt.

But if the risks of reaffirming outweigh those benefits, you might decide to simply continue making your mortgage payments without reaffirming the debt.

With respect to the reaffirmed debt, your bankruptcy discharge will make no difference at all and it would be as if you had never filed in the first place.

With respect to the reaffirmed debt, your bankruptcy discharge will make no difference at...

Creditors encourage reaffirmation Before and during a bankruptcy, creditors will encourage you to reaffirm your debts.

Reaffirming the debt keeps the contract going and, after the bankruptcy is over, the debt remains.

After your bankruptcy discharge is issued, you have no personal liability to repay the debt (unless you've reaffirmed the debt).

File a statement of your current income and expenses, proving you have sufficient funds to make payments on the reaffirmed debt

The effect of reaffirming a debt, including the debtor's knowledge of the provisions of section 524 (d) of this title.

Can his name be removed from the FHA loan, especially since he is no longer obligated to pay the first mortgage by not reaffirming the debt during his Chapter 7 more...

Not exact matches

Greece's creditors see limited scope to accommodate Athens in talks on financing for reforms to clinch a deal on Saturday and are willing to reaffirm a 2012 promise to consider rescheduling its debt, a senior official close to the talks told Reuters.

S&P ratings agency issued a statement reaffirming US Treasury bond AAA credit rating, but they issued a negative outlook which means there's a 1 in 3 chance of lowering the debt rating in the next 2 years.

The SLF therefore calls on all its supporters to write to their MP, expressing their concern over Lord Browne's recommendations and reaffirming our belief that unless HE is to be funded through general taxation, any graduate contribution must be fairly instituted without saddling students — particularly those least able to afford it — with more debt.

The district's chief financial officer, Mitsi Corcoran, also said that the Fitch credit ratings agency reaffirmed the county's double - A status on its debt financing.

In a Chapter 7 bankruptcy, you will be given the option to reaffirm certain secured debts.

The update is also expected to reaffirm the government's so - called «fiscal anchor» to lower net debt - to - GDP ratio — a measure of the public debt burden — over the next five years.

Reaffirming may result in the notation «Reaffirmation of Debt» added to the auto loan on your credit report.

If you choose to reaffirm your secured debts in bankruptcy, you can continue making your mortgage payments, giving you an additional source of on - time payment history data.

When reaffirming your auto loan, the bankruptcy court is allowing you to exclude this debt from the bankruptcy, meaning you can keep the car and continue to pay under the original or newly negotiated terms.

A: Yes, in certain circumstances, you can do what is called «reaffirming» a debt.

* Debtors may be able to keep certain assets if the value of the asset is exempt or they are able to reaffirm or redeem the debt.

At the end of the payment plan, your remaining debts are discharged, unless you've reaffirmed (promised to pay) your secured debts and received the approval of your bankruptcy judge.

Reaffirm your car debt If you have an auto loan for which you are still making payments on, be sure that you sign a reaffirmation agreement with the auto lender.

If you don't reaffirm the mortgage, then your legal responsibility for the mortgage debt ends with the bankruptcy discharge.

So unless you reaffirm your mortgage, the debt is discharged.

This debt was reaffirmed.