Reaffirmation Agreements in Savannah, GA
Affordable Bankruptcy Services for Individuals and businesses
Reaffirmation agreements are an effective tool for individuals and businesses who wish to retain certain assets while they are going through bankruptcy.
Contact the Law Offices of Mark A. Bandy, PC to learn more about reaffirmation agreements and how they can help you through bankruptcy. With over 30 years of experience, our Savannah bankruptcy attorney can help you get the most out of your case.
For a free consultation with our Savannah reaffirmation agreement lawyer, contact the Law Offices of Mark A. Bandy, PC today. Call or contact us online.
What Is a Reaffirmation Agreement?
A reaffirmation agreement is an agreement between a debtor and a creditor that states the debtor will reaffirm a debt, meaning they will continue to be responsible for it. A reaffirmation agreement can be part of a bankruptcy case or it can be entered into before a bankruptcy case is filed.
Debtors can enter into reaffirmation agreements for the following types of debt:
- student loans
- credit cards
- vehicle loans
- home mortgages
- other debts
A reaffirmation agreement can be an effective tool for debtors who wish to keep certain assets and avoid liquidation. However, these agreements are not for everyone. Debts that are not dischargeable in bankruptcy cannot be reaffirmed. If you would like to know if your debt is dischargeable, our Savannah bankruptcy attorney can help.
What Is the Difference Between a Reaffirmation Agreement & a Second Mortgage?
A reaffirmation agreement is similar to a second mortgage in that it allows you to keep a certain asset. However, a reaffirmation agreement is different in that it allows you to keep a debt that you are already responsible for. A second mortgage is a loan that you take out to pay off another loan, such as a home mortgage.
Why Reaffirm a Debt?
Reaffirming a debt can be an effective way to keep an asset while still working toward financial freedom. If you have a home mortgage, car loan, or other debt, reaffirming it can allow you to keep making payments while working toward your bankruptcy goals.
Reaffirmation agreements can help you:
- Keep your home or car
- Maintain a steady income
- Keep your credit score
- Keep making payments on your debt
- Keep your assets and avoid liquidation
If you are considering reaffirming a debt, it is important to work with an experienced bankruptcy attorney. Reaffirming the wrong debt can be detrimental to your bankruptcy case. Our Savannah bankruptcy attorney can help you evaluate your options and determine which debts you should reaffirm.
How to Reaffirm a Debt
The Law Offices of Mark A. Bandy, PC can help you reaffirm a debt through a bankruptcy case. We can help you determine which debts are dischargeable and help you avoid reaffirming a debt that you will not be able to discharge in bankruptcy.
To reaffirm a debt, you must file a reaffirmation agreement with the court. The reaffirmation agreement must include the following:
- A statement that you have received a copy of the bankruptcy rules
- A statement that you have had at least 7 days to consider the agreement
- The specific debt you are reaffirming
- The date you wish to reaffirm the debt
- A statement that you can still pay the debt
- A statement that you are reaffirming the debt voluntarily
- Your signature
Once you have reaffirmed a debt, you must make all payments on time for 5 years. If you do not make a payment on time, you can ask the court to end your reaffirmation agreement. If you do not reaffirm a debt, you can lose any assets that are tied to the debt.
Contact Our Debt Reaffirmation Lawyers
Facing decisions about reaffirmation agreements in Savannah? Trust the Law Offices of Mark A. Bandy, PC. Our experienced lawyers will safeguard your interests, ensuring a smooth financial future. Don't navigate this process alone – consult us today for expert guidance.
Need debt relief? Call our reaffirmation agreement lawyer in Savannah, GA at Law Offices of Mark A. Bandy, PC by dialing (912) 331-4501.
If you are in a bad place financially, have lost all hope, and feel there is no one out there to turn to, then please reach out to Mr. Bandy before you make any other decisions. He will get you the relief and guidance you are looking for.- Crystal
He helped us stay calm and positive throughout the whole experience.- Faith
He answered all my questions and made the whole situation go smoothly.- J.C.
Mark was very patient with my questions, answered them thoroughly and his recommendations were accurate and proved true.- M.A.
After reaching out to Mark my initial apprehension was immediately put to rest. Mark is very understanding and broke the process down in its most simple terms.- Ben
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Attorney Mark A. Bandy has over 20 years of experience successfully handling bankruptcy filings in Savanna.