What Is A Reaffirmation Agreement? • ATL Law - Atlanta Bankruptcy Attorney
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What Is A Reaffirmation Agreement?
By filing for bankruptcy, you are breaking the barrier of debt between you and your creditors/lenders. However, lots of the times, you end up having to forfeit your possessions and assets as a result. So how does one go about keeping their possessions, and still clearing away their debt? This is when something called a reaffirmation agreement comes into play.
When you want to still keep your assets and possessions, but still clear your debt through a bankruptcy, you will most likely agree to a reaffirmation. A reaffirmation is when you agree to pay back the debts you still owe on your assets, after your bankruptcy ends. This does, however, give your creditors the right to take away your assets if you end up not paying for them after the bankruptcy ends, so it is important to keep up with all of your payments.
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If you’re drowning in debt, call MyATLLaw immediately, and we can get you back on track for $0* down, and get you on a repayment plan so that you only have to pay back a fraction of your debt or pay nothing back at all through a Chapter 13 or Chapter 7 Bankruptcy. We are experienced attorneys who deal with repossessions everyday.