These days, debt reaffirmation has become quite common.<\/p>\n
When it comes to reaffirming debts, this typically refers to secured debts, such as a mortgage or car loan, not the usual debts of unsecured credit cards or medical bills. Because each person\u2019s debt situation is different, they should consult with a Brandon bankruptcy lawyer to determine if filing for bankruptcy protection is what they need to do in light of their present financial circumstances.<\/p>\n
The general rule of thumb in declaring bankruptcy is people should let go of their house if it is clear they cannot afford it. However, if their debts have been wiped out in a Chapter 7 bankruptcy<\/a> discharge, they may be able to afford a house. It used to be that loan security was to be found in the object \u2013 a car or house. These days, lenders seek a debt reaffirmation agreement with a debtor filing for bankruptcy protection. (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" These days, debt reaffirmation has become quite common. When it comes to reaffirming debts, this typically refers to secured debts, such as a mortgage or car loan, not the usual debts of unsecured credit cards or medical bills. Because each…<\/span><\/p>\n