Augusta GA Bankruptcy Lawyer – Can I keep a piece of property in bankruptcy?
Can I keep a piece of property and agree to pay the debt in a Chapter 7 case? In some circumstances, a debtor may choose to keep an asset, such as a car, and agree to pay some or all of the debt. This is called reaffirming the debt and in such circumstances, the creditor agrees not to repossess the asset. This has to be done before a discharge is entered and involves an agreement between the debtor and the creditor concerned. In order to reaffirm a debt, the creditor must sign and submit a reaffirmation agreement to the court. A reaffirmation agreement must contain certain disclosures, including the amount of the debt and how that has been calculated. Additionally, the debtor is required to file a financial statement showing how the debt will be paid and showing that the payments are feasible. If the debtor is represented by an attorney, the attorney must submit a written certification that the debtor was advised of the consequences of the reaffirmation and that repayment will not repr
