reaffirming a secured debt Archives

Can you keep your vehicle without reaffirming its loan? Can you make the payments without reaffirming? What if you can't afford the payments?

When is it better to reaffirm your secured debt--such as a vehicle loan--in a Chapter 7 case or instead cram it down under Chapter 13?

Unlike most legal contracts, you can change your mind and undo a reaffirmation agreement during a short period of time after signing it.

Reaffirming a debt, including a vehicle loan, can be a very sensible choice. But be fully aware of the risks and possible other options.

You can usually keep collateral you need to keep by entering into a "reaffirmation agreement" with the creditor during your Chapter 7 case.