Reaffirm, Redeem, Retain and Pay or Surrender Property in Chapter 7 Bankruptcy

by Mary Pool
When someone files chapter 7 bankruptcy and owes money on a secured debt (i.e., car note, furniture loan), they must make a decision by stating their intentions on what they want to do with the collateral securing those type loans. The options to choose from are: Reaffirm the debt and keep the collateral To reaffirm a debt, one must sign a reaffirmation agreement, a contract, a ...Read the full article