What does reaffirm mean?

[dscurlock]

I hear this a lot on house and cars, what does it mean?
what does it mean when you reaffirm your house or car?
or if you dont....

Thanks

[alh]

When you are discharged you no longer have a legal responsibility for the debt. When you reaffirm you are legally taking on responsibility for the debt again, in essence overriding the discharge. Usually only used for secured debt and even then usually best only for houses. (with some exceptions naturally)

[danohio2831]

get a lawyers advice, a few of them

our lawyer said not to reafirm anything. even though we are keeping our house and van. she said they want you to think if you do not reafirm, they can take it when they want. she said is long as our payments are current, there will be no proplem.


we filed chapter 7
if we reafirmed the house and van, and lost our jobs and we would lose our house

if we reaffirmed they can sue us for the deliqency

if we do not reafirm the cannot sue us for the deliqency

do not take my word for it, get another lawyars advice

[alh]

The differnce is with a house if you do not reaffirm, it is much easier for the lender to take your house if you fall behind even a little. Each situation has to be evaluated individually, but I agree that in general you want to be very very carful when you reaffirm things.