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Ellen
Ellen, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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I filed Chapter 7 on October 15, 2005. I did not sign a reaffirmation

Resolved Question:

I filed Chapter 7 on October 15, 2005. I did not sign a reaffirmation agreement on my mortgage at that time (didn't know I should have). The mortgage company sends info to the credit agency each month showing it as a negative account even though I have NEVER paid late on the mortgage. Someone told me we should sign a post-bankruptcy reaffirmation agreement, but the bank says I have to reopen the bankruptcy. Any advice?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Hello,


Thank you for your question. I am happy to assist you.


It is a dangerous practice to reaffirm after bankruptcy as the debtor is agreeing to personal liability on a debt that was discharged. It is typically only advisable as a last resort to keep an asset the debtor may be behind in payments on. The better practice is to retain the asset, as you did.


Credit reporting is voluntary. Creditors are not required to report. However, if you write to your lender and request that they report your timely payments, they may comply.


I hope that the information which I provided was helpful to you.


Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.


Thank you,
FLAandNYLAWYER


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Customer: replied 8 years ago.
Our BK was filed because of credit card debt. I have no intention of ever not paying on my mortgage. I have a good interest rate, and my home is my business location. I have a client base which would not allow me to do otherwise. I don't feel like it would be dangerous for me at all to reaffirm my mortgage. My concern is simply regarding the way they are reporting to the credit reporting agencies. I WANT to sign a reaffirmation agreement so that they can report my timely payments on my mortgage and bring my credit scores up for future creditworthiness. I don't want them to report this negative info for the next 20 years. I can't get them to let me sign a reaffirmation agreement without reopening the BK. This is my problem. I need information on a POST bankruptcy reaffirmation agreement. Is there somewhere to obtain this?
Expert:  Ellen replied 8 years ago.
Hello,

There is no such thing as a post-bankruptcy reaffirmation. You can sign a new note with the bank or reopen your bankruptcy in order to reaffirm.

A reaffirmation is not a guarantee that the bank will report positive information. It can still report the facts leading up to the reaffirmation.

Additionally, credit reporting is voluntary. Creditors are not required to report. However, if you write to your lender and request that they report your now timely payments, they may comply.

I hope that this information has helped you.


If I can be of assistance in the future, please ask for FLAandNYLawyer.


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