Tampa Bankruptcy Attorneys Explain Reaffirmation Agreements
If you're like many Americans who are struggling to stay current on your mortgage and auto loan payments, as well as your rising consumer debts, you may have considered bankruptcy as a potential solution. If so, all the various terms thrown about in bankruptcy discussions, especially for someone who has never had to deal with such issues and terminology before, can quickly make your head spin. For example, your Tampa bankruptcy attorneys might bring up the concept of "reaffirmation agreements." Just what exactly does this mean?
When you file for bankruptcy, as your Tampa bankruptcy attorneys will explain, there may be certain property secured by collateral that you can retain even after the proceedings complete. This can be accomplished through the use of a reaffirmation agreement. Essentially, this agreement says that you will continue to pay all or part of the money you owe to the creditor, regardless of your bankruptcy, in order to maintain possession of the property or real estate, such as your car or home. It is important to remember that this agreement is not a concrete guarantee that you won't lose this property in the future. The terms of your reaffirmation agreement will be similar to the original terms of your loan, meaning if you fail to make your payments, the creditor can still proceed with foreclosure or repossession proceedings.
Your Tampa bankruptcy attorneys can go over this important aspect of your case more in depth and can also help oversee the process of having the bankruptcy court accept the agreement. For more information about reaffirmation agreements, or any other aspect of bankruptcy law that you have questions about, contact Yesner & Boss, P.L. today to set up your free consultation.
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