Bankruptcy Lawyer Mark BuckleyLogo
Attorney
MARK BUCKLEY
Bankruptcy & Estate Planning Law

401-467-6800
TAP TO CALL
Free
Free Consultation
Make a Payment
  • Home
  • About
  • Bankruptcy
    • Forms
  • Estate Planning
    • Forms
  • FAQ
  • Contact
  • Blog
  • Locations
    • Warwick
    • Providence
  • Forms
  • Free Consultation
We will refund the attorney fee if your case is dismissed without receiving a discharge. More Info...
Mark Buckley Attorney Banner

Bankruptcy Lawyer’s Advice on Reaffirmation Agreements

by 

What is a Reaffirmation Agreement?

There are two documents which protect a secured creditor.  Both are very powerful.  One is a security agreement where you pledge property (house or car) as collateral.  The other is a promissory note that makes you personally liable for the loan.  If you later default, the creditor can then go after the property AND you.

If you file a Chapter 7 bankruptcy, however, the promissory note is destroyed.  Great news for you, but not so great for the lender.  If you stop making payments, the creditor’s only recourse is to take back the property.  You can’t be sued for the debt!

As you decide whether to keep the property, the lender often becomes nervous and prepares what is called a reaffirmation agreement.  Such an agreement is a new contract where you forfeit bankruptcy protection and the lender agrees not to repossess the property if you stay current.  This new agreement then replaces the original promissory note that was destroyed in your Chapter 7 bankruptcy filing.

If a reaffirmation agreement allows you to keep your property in exchange for a promise to repay, who would have a problem with this?  Answer: most experienced Chapter 7 bankruptcy attorneys. [Read more…]

Filed Under: Blog, Rhode Island Bankruptcy Articles, Rhode Island Chapter 7 Tagged With: agreement, Bankruptcy, bankruptcy attorneys, bankruptcy court, bankruptcy in the united states, Chapter 7 bankruptcy, file bankruptcy, promisory note, reaffirmation, reaffirmation agreement, Rhode Island Bankruptcy lawyer, security agreement, united states bankruptcy law

  • « Previous Page
  • 1
  • 2

Free Consultation

  • This field is for validation purposes and should be left unchanged.

  • Facebook
  • LinkedIn
  • Twitter
  • YouTube

How To File a Chapter 7 Bankruptcy Petition…

How to file for bankruptcy

Debt Collector Calls in Rhode Island…

Collection Agency Calls
30 Bankruptcy Commandments

Bankruptcy Videos

The Bankruptcy Discharge

Bankruptcy Court Hearings

Meeting of Creditors

Filing for Bankruptcy

Limits of Bankruptcy

Types of Bankruptcy

Introduction to Bankruptcy

Bankruptcy Links

Help With Taxes

Help With Judgments

Stop Bad Credit

Stop Tax Garnishments

Stop Foreclosures

Stop Repossession

Stop Lawsuits

Stop Bill Collectors

Latest Bankruptcy Law Blog Posts

Attorney Mark Buckley: Best Bankruptcy Lawyer in Warwick

2022: Top Bankruptcy Lawyers in Providence

Top 3 Bankruptcy Lawyers – Providence, Rhode Island – Attorney Mark Buckley, CFP

PROUD MEMBER OF

Image of the Massachusetts Bar Association logo.
Logo image of the Rhode Island Bar Association
Logo of the National Association of Consumer Bankruptcy Attorneys (NACBA)

Providence Office

1536 Westminster Street
Providence, RI 02909

Warwick Office

511 Green Bush Road
Warwick, RI 02818
  • Home
  • Bankruptcy
  • About Mark Buckley
  • FAQ
  • Contact Me
  • Blog
  • Forms
  • Disclaimer
  • Sitemap

Copyright © 2023 · RI-bankruptcy.com