What Does a Reaffirmation Agreement Really Mean?
Reaffirmation agreements allow people to have an opportunity to get back on track with their mortgage payments or car loan payments, while retaining that property. These agreements may be used as part of a Chapter 7 or Chapter 13 bankruptcy in order to keep property and assets and are important tools to use during the process.
At the law firm of Rothschild & Ausbrooks, we work with people who are faced with debt and need effective solutions to their complex financial problems. Bankruptcy is a tool that has helped many people restructure or discharge their debts, including credit card debts or medical bills, and get the breathing room to become current with their payments.
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A reaffirmation agreement is a new contract that is signed between a person in debt and the lender. This contract reaffirms the debt and personal liability for the obligation. These agreements are typically executed for properties that include automobiles, boats, recreational vehicles and motor homes. Before signing an affirmation agreement, it is important to speak with an attorney to ensure that the agreement is accurate and legally binding.
If you would like to retain your property and you can afford the payments, a reaffirmation agreement can help. Our Nashville attorneys will be happy to answer any questions that you have regarding the process.
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Please contact a Nashville bankruptcy attorney at Rothschild & Ausbrooks, PLLC, today to learn more about reaffirmation agreements in Tennessee.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.