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The only possible benefit is that the mortgage company will continue to report your stream of future on-time payments (assuming that you make them) to the credit reporting agencies.
Without a reaffirmation agreement, you are not personally liable for the debt. So, while the mortgage company can still foreclose on their lien if you dont pay, you are free to walk away with no penalty or further damage to your credit.
Reaffirming a debt allows you to keep the property securing the debt, which can be a real advantage in some cases. It also allows you to avoid having to come up with a lump-sum payment to keep the property.
A reaffirmation agreement removes a specific debt from your bankruptcy discharge and legally obligates you to make payments based on the terms of the agreement.
If you can definitely afford the monthly payments, reaffirming your car loan will help you rebuild your credit. If you do not reaffirm, the car loan will not be reported on your credit report.
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When you reaffirm a debt, you agree that you will still owe it after your bankruptcy case ends. Both the creditors lien on the collateral (which gives the creditor the right to take the property if you fail to pay as agreed) and your liability to pay the debt will survive bankruptcy intact.
To ensure that creditors do not defraud their debtors, reaffirmation agreements must be: In writing; Filed with the court; and. Certified by the debtors attorney.
Reaffirmation is voluntary You dont have to reaffirm. In fact, the form that you file with your bankruptcy papers allows you to elect to surrender the car. Surrender may be the best thing if the car is simply too expensive or isnt reliable. You can choose to keep the car and continue paying without reaffirming.
If you dont reaffirm the loan and surrender the vehicle, however, you wont be liable for a deficiency balanceit will be wiped out in the bankruptcy. (Learn more about deficiency balances after car repossession.)
If you want to file a reaffirmation agreement, you need to do so within 60 days of the first date of the meeting of creditors. Once you submit it, it must be accepted by the creditor.

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