Do you want to file for Chapter 7 bankruptcy and at the same time make sure that you keep your car, your home, or other secured debt? You may be able to do so even if the property does not qualify for a bankruptcy exemption. You, with the help of your Minneapolis St. Paul bankruptcy lawyer, may be able to reaffirm your debt and keep a specific piece of property.
Is Chapter 7 Bankruptcy Reaffirmation for Me?
If the equity that you own in your home, car, or other secured property is protected by a bankruptcy exemption, then you may be able to reaffirm the debt. In order to reaffirm the debt, however, you will need to reach an agreement with your creditor that is approved by the Court. The Court may reject your reaffirmation plan if it is anticipated that you will not be able to make future payments.
If you do decide to reaffirm your debt, it is as if that debt was not part of the bankruptcy process and you remain liable for payments. Thus, it is not something to be entered into lightly or without thinking about all the possible ramifications of your decision.
An Experienced Minneapolis St. Paul Bankruptcy Attorney May Help You
An experienced bankruptcy lawyer in Minneapolis will be able to help you decide whether reaffirmation makes sense for you. To schedule a free consultation with attorney Barry Rosenzweig to discuss reaffirmation or other bankruptcy matters, please call MN (952) 920-1001 or AZ (480) 207-2203. We also invite you to learn more about your rights during a Minnesota Chapter 7 proceeding by reading our FREE book: What You Need to Know About Filing Bankruptcy in Minnesota.