Michigan Bankruptcy Blog

Reaffirmation Required of Debts Secured by Personal Property in Eastern Michigan

Reaffirmation Required of Debts Secured by Personal Property in Eastern Michigan

Reaffirmation Required: No "Ride-Through" Allowed Says Bankruptcy Judge — Reaffirmation Required: What Is It? Reaffirmation agreements and their role in Michigan Chapter 7 bankruptcies were described in our prior blog post on the subjection here. Long story short, however, a "reaffirmation agreement" is a separate agreement that may be provided to you in a Chapter 7 bankruptcy by a creditor holding a "secured" debt (a debt for which collateral has been pledged, such as a home mortgage or car ...

Posted on December 1st, 2017 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , , ,

Why Reaffirming Mortgages Is A Very Bad Idea

Guest Post by Michael Goldstein, attorney in Massachusetts. You are in a Chapter 7 bankruptcy to eliminate your overwhelming debt.  As part of your debt, you owe money to a mortgage company for your home.  What many people do not realize is even if you are keeping your house, the underling mortgage will be discharged with the rest of your debts.  When you file the bankruptcy, there is a form called a statement of intent.  On ...

Posted on August 9th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , ,

A Hidden Advantage of Not Reaffirming a Mortgage: the Freedom to Move

Guest Post by Atlanta Bankruptcy Attorney Peter Bricks. I often grapple with chapter 7 debtors over getting them to understand that they do not really need to reaffirm their mortgage to keep their home. The primary reasons I emphasize them not reaffirming is that the reaffirmation means the debt is not discharged in the bankruptcy, missed payments can continue to harm the debtors credit, the debtor will be liable in the future for a deficiency balance ...

Posted on April 12th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Did I Reaffirm a Mortgage in Bankruptcy?

Did I Reaffirm a Mortgage in my Bankruptcy? If You're Not Sure, Probably Not.   [caption id="attachment_1711" align="alignnone" width="300"] Image courtesy of FlickreviewR via Wikimedia Commons.[/caption]   "Did You Reaffirm a Mortgage in Your Chapter 7 Bankruptcy?" — An Increasingly Common Question in Post-Bankruptcy Mortgage Modification Applications A reaffirmation agreement is an agreement that is struck during a bankruptcy process between the filing debtor and one of his or her creditors. The reaffirmation agreement must be signed by you (the debtor), ...

Posted on March 26th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Can I Keep My House in Chapter 7 Bankruptcy?

Can I Keep My House in Chapter 7 Bankruptcy? Yes—If You Can.   Keep My House in Chapter 7 Bankruptcy: Creditors vs. the Chapter Trustee Generally, you should not worry that you will lose your home if you file for Chapter 7 Bankruptcy. However, there are two specific circumstances in which keeping your house through a Chapter 7 bankruptcy in Michigan may be difficult: (1) You are behind on your mortgage payments and (2) You have more equity in ...

Posted on January 4th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , , ,

Auto Reaffirmation Agreements and Michigan Bankruptcy

Reaffirmation Agreements in Chapter 7 Bankruptcy: To Sign or Not to Sign?   A reaffirmation agreement is a written agreement that some individuals filing for Chapter 7 bankruptcy make with a creditor in order to retain liability for the debt owed to that creditor after the bankruptcy would otherwise have discharged it. Generally, an automobile loan is the only sort of debt for which you might consider signing a reaffirmation agreement in a Chapter 7. (Note that ...

Posted on November 26th, 2012 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , ,