Whether or not to reaffirm a secured debt, under §521(2)(A) of the Bankruptcy Attorneys to their clients was as follows: If you want to keep the property securing the debt (most commonly the debtor's house or car), select the option known as 'retain and pay'. The creditors' urgings for reaffirmation could generally be ignored without serious consequences.
But all that changed under the BAPCPA, effective October, 2005. As of this writing, the majority of districts having ruled on the issue do not, under the new Bankruptcy Attorney is therefore vital to determine if this option is still available in the debtor's district, and if not, which of the other three options is best under the debtor's particular circumstances. The option selected by the debtor has critically important consequences for him.
Bankruptcy Attorney
Thanks To : Is Bankruptcy Right For You?
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