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Consumer Bankruptcy : Chapter 7, Chapter 13, Protection From Claims of Creditors
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  #1  
Old 04-15-2005, 07:57 AM
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Join Date: Apr 2005
Posts: 28

Re-Affirmation Questions

What is the name of your state? MN

Hi There,
I recently filed chapter 7 bankruptcy but kept my car and house. My attorney has advised that I not reaffirm these debts in case I ever run into financial difficulties again in the future. He says that if I continue to make on-time payments, the mortgage lender and car lender will not take any action. Am I taking any risks by not reaffirming these debts? Does not reaffirming adversely affect my credit?

Thanks.
  #2  
Old 04-15-2005, 08:21 AM
Senior Member
  
Join Date: May 2001
Posts: 6,453
Your credit has been harmed greatly just by filing.
I think your lawyer is wise to suggest this course of action. Why accept risk if it's not necessary?
  #3  
Old 04-15-2005, 09:33 AM
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Join Date: Nov 2004
Posts: 83
We did reaffirm our home, but i think it depends on your personal situation. We filed because of a business failure. By the time we filed my husband had a new job and we are back on track. We chose to reaffirm because if we are going to be making payments for 20 -30 years I would like those payments to reported to credit agencies. If your situation remains shaky or could be again, then I agree that reaffirming is not a wise choice.
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