Reaffirmation of Debt

Keep Your Car – Let a Schaumburg Bankruptcy Attorney Help You Understand This Alternative to Liquidation

You may realize that you need to file for bankruptcy, but you do not want to lose certain assets. Does Chapter 7 bankruptcy mean all of your assets have to be liquidated in order to pay your creditors? No. Reaffirmation of debt is another option.

Bankruptcy is a solution to debt problems — and reaffirmation of debt may be a part of that solution. At U.S. Law Attorneys, Ltd. in Schaumburg, Illinois, we make sure clients know all the options available to them. Review your debts with an experienced Schaumburg bankruptcy attorney and explain what assets you would like to keep.

When considering reaffirmation, think about the following:

• Debt on a car or home is secured debt. If the lender is not paid, the lender has the right to take back the car or home.
• The lender likely does not want your car or home. Chapter 7 bankruptcy indicates that the loan won’t be paid — but there is an option.
• You may be able to reaffirm — or re-promise — to pay your debt.
• Reaffirmation of debt can help your credit score, and it can mean keeping an asset, like your car or your home, that you really need and want.

Talk to a qualified Schaumburg bankruptcy lawyer about the options available to you.

Bankruptcy does not mean losing everything. It means getting your financial life back in order and obtaining a fresh start. Your attorney can explain all your options. Contact us for a free consultation.