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Add Bankruptcy Agreement signatory

react nation is fairly straightforward it is the most common method of keeping property that you had secured loan on after you file bankruptcy basically what it means is that you agree to continue forward with the company in a contract after bankruptcy typically in bankruptcy all your debts go away with a few exceptions which would typically mean your car debts and your car loans would go away which wouldn't be good because if your car loan no in a way the company would have no way to get your car and you can keep your car they would lose out on a whole bunch of money so what affirmation does is this says hey look I want to get out of debt you like that I'm paying your money each month with interest for this vehicle or this TV or computer whatever let's make a deal and banks and lenders are very used to doing this so when you make a reaffirmation and this is actually a standard preferred way of continuing on with your debts you have unsecured property after bankruptcy is he contact the lender you tell them that you're filing and then they will send you a contract or reaffirmation agreement for you to review sign and file of the court usually the terms of that agreement you're going to be about the same it's not exactly the same as what they were prior to filing bankruptcy so you'll have monthly payments listed you'll have a balance listed all of that kind of stuff now this does two really important things one when you file it if it's approved it's gonna let you keep your car which is a good thing too it's going to provide security to the lender because they still have a contract that says you owe us this money you're going to pay us this money and we have the ability to repossess this property if you stop paying this money now let you know a little secret because you are giving the lender that security they're going to be much less likely after you file a bankruptcy to repossess your car let's say then they would if you went with the fourth option which is called a ride through we'll talk about a second in addition when you have a reaffirmation in place that means that the creditor has to continue reporting your payments to the credit bureaus after you've filed bankruptcy which matters a lot because it means that your credit will actually be able to improve fairly quickly because you'll have a record of payments made hopefully on time now that you're back on your feet financially after you file bankruptcy which can make it easier to rebuild your credit so in short the affirmation says hey creditor I want to keep this property you want to continue being paid let's make an agreement to do that and that agreement will survive the bankruptcy and this is an estate of the preferred way of keeping your secured property after you file bankruptcy