Submitted by New Jersey Bankruptcy Lawyer, Lee M. Perlman. Bankruptcy debtors should not reaffirm a mortgage. Reaffirmation of debt in bankruptcy prevents the debt from being discharged, a process explained in greater detail by Kevin Gipson in Chapter 7 Bankruptcy and the Reaffirmation Agreement. Yet, lawyers continue to debate whether to reaffirm a mortgage, without […]
Reaffirmation Agreements and how they Affect Your Property
In bankruptcy proceedings such as Chapter 7 liquidation, the debtor must often surrender certain property that is subject to a lien. However in such circumstances that property may be of paramount importance to the debtor and their continuing well-being. An example of such property would be the debtor’s automobile. Like most Americans today accomplishing your […]
