Monthly Archives: April 2021

Reaffirmation Agreements in Bankruptcy

Our Bankruptcy Attorney Discusses How to Keep Property in Chapter 7 Chapter 7 bankruptcy has some key differences from Chapter 13 bankruptcy. In a Chapter 13 bankruptcy, you pay back a portion of your debts in a three-to-five-year repayment plan. With a Chapter 7 bankruptcy, the Trustee gathers and liquidates your nonexempt assets. These are assets that you cannot exempt from the bankruptcy estate. Some types of assets are exempt, meaning you can keep them despite filing a Chapter 7 case. However, there could be additional options for keeping certain assets during bankruptcy. You may also be able to enter into a reaffirmation agreement with the creditor. Our DC and Maryland bankruptcy attorney can answer any questions you have about filing a Chapter 7 case. Contact our bankruptcy attorney to schedule a free initial consultation. Keep reading to learn more about reaffirmation in bankruptcy. What Is a Reaffirmation Agreement? When…
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