reaffirmation of home

Guest 0.10 Dollars($)

i am filing chapter 7. my mortgage has always been current. my lender wants me to sign reaffirmation. my attorney does not want me to sign? im mixed up on what to do?

jameshogg

Hi Karolyn,

Welcome to forums.

I personally feel it's a good decision to reaffirm any debt included in bankruptcy. Since you have filed Chapter7, most of your debts will be paid off through liquidation of your assets, those which are not exempt. Now, after that, if there are unpaid debts left, then you can repay them as per the reaffirmation agreement. It's a positive step actually because it reflects upon your credit postively since you are trying to pay down all your debts. Thus, where ch7 may affect your score negatively, the reaffirmation will try to nullify the negative effect to some extent.

Thanks

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