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What Is a Reaffirmation Agreement in Bankruptcy?

Sawin & Shea

AUGUST 9, 2022

With a Chapter 13 bankruptcy, the debtor agrees to a payment plan to pay off their debt, which means they don’t have to surrender their property as collateral. For those that choose a Chapter 7 bankruptcy, a reaffirmation agreement can help protect property from being repossessed as collateral.

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How Late Can You Be on a Car Payment, Mortgage or Other Bill?

Credit Corp

JUNE 14, 2023

In fact, your payment history accounts for up to 35% of your credit score. Car Repossession It’s important to realize that an auto loan is a type of secured loan. The vehicle you purchase serves as collateral for the loan. This process is referred to as repossession. If you fail to do so, the lender can sell your car.

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