Hi - my name is XXXXX XXXXX I'm a Bankruptcy and Consumer Protection attorney here to assist you.
Trust me, I know it's not usually a good idea. However, since I've lost my job (I'm the wife), the bills are piling up so high that we can't keep up and my job doesn't start until mid August. The credit card bills are drowning us due to me losing my job 2x in a year. We also have our cell phones, which my husband has to have for his job and I will need to have for my new job. I'm so dang stressed it is unbelievable.
You may have misunderstood me. I did not mean to say that filing a Bankruptcy is rarely a good idea, as filing a Bankruptcy often is a good idea. I meant that re-affirming any debts is rarely a good idea - as there is usually no need to do so - because you can continue to pay any debts you want to pay without re-affirming those debts.
I did indeed misunderstand you. So what exactly is meant by reaffirm? Sorry for all the questions, but this is brand new to me/us. The way I've understood it is you MUST re-affirm the things you want to keep/keep paying on. I.E.- the house and vehicles. I'm just so confused as to all of this. While I agree we need a 'fresh start', this is one journey I'm scared to travel on.
Don't feel bad that you are confused - Bankruptcy can be very confusing.Re-affirmation means you sign an agreement that the debt will not be discharged in your Bankruptcy. This means that if something unforeseen happens, and you can no longer pay those debts, the creditor can try to collect (eg. by wage garnishment) even though you filed a Bankruptcy.If you do not re-affirm debts, you can continue to pay them, but if something unforeseen happens and you can no longer make the payments, the creditors cannot try to collect the money from you. So there is basically no advantage for a Bankruptcy filer to sign any re-affirmation agreements.
Ok. Just to make sure I have this right. If we do not reaffirm on our financed vehicle we will lose that in the bankruptcy correct.
Ok thank you so much for all your help. :)
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