Digital Sign Bankruptcy Agreement Made Easy

Digital sign bankruptcy agreement

people come they file bankruptcy because they can't afford to pay back the debt and they're not interested in doing it however there is certain kinds of debts that you want to make sure that you can pay back you don't want to for instance lose your car well a car debt is something that gets listed in your bankruptcy petition but it doesn't mean that you lose your car and it doesn't even mean that you have to stop making payments if indeed you want to keep your car you have to continue to make payments there's a few different ways to do that in a chapter 13 where we try to reorganize a debt and pay it back in accordance with a plan we'll put in the plan how are you gonna make payments and that you're going to keep your car going forward but what I want to talk about today is reaffirm ation agreements most bankruptcies that file today are chapter 7 chapter 7 is a type of bankruptcy where they just looked at liquidate anything you have equity again in most cases you don't and they you just walk away without making any payments to creditors but in the event you want to keep your car you have to continue to make payments and after bankruptcy we have to enter to a new agreement to continue that debt that would otherwise be discharged so let me explain that for a minute won't you file for bankruptcy all your debts are included and you no longer have any personal liability any of those debts with very few exceptions however if there's some property that you want to keep such as a home or a car you have to continue to make because you can't can't just keep things without paying one right well after filing for chapter 7 bankruptcy if you have no personal obligation why would they let you keep the vehicle well they let you keep the vehicle because we make a new promise to pay a debt that would otherwise be discharged in that bankruptcy that's a reaffirmation agreement so when you file chapter 7 or the first things the creditor will do this is the vehicle lender they'll send us an agreement the agreement says that the debtor will continue to make payments of X amount every month in exchange we'll allow them to keep the vehicle my office will send that out to you it's an explanation of what that all means now keep in mind if you want to keep the vehicle together continue making payments and you won't be able to keep the vehicle and enter into this agreement unless we sign this reaffirmation agreement and this reaffirmation agreement is just that it's reaffirming a debt that would otherwise go away this bankruptcy so it's a very careful decision that has to be made if you can't afford this car perhaps it's time to give it up and allow to be taken back because once you sign it you're now all beginning yourself to making payments on this again if later on down the road a year passes and things change and you can't afford to make these payments anymore you're still wide despite your bankruptcy so it's a very careful decision you have to make now I was asked recently well it wasn't me that that borrow mine for the vehicle I simply co-signed that debt for my girlfriend what should I do first thing is she probably should have better judgment don't co-sign a car for a girlfriend girlfriends come and go almost those frequency ours do nonetheless you're still responsible even if it's not your car if you cosign for that you're a kolbe are your jess's liable as your girlfriend your son your daughter your grandson so those are the decisions you have to make early on the Baxter case do you take this liability on do you continue making payment to be obligated or do you just cut your losses and try to get a fresh start and that's the decision we'll talk more about that comes