reaffirming debt

[Anonymous]

Hello all.

Can someone please explain to me the process of reaffirming a debt?  I guess I'm looking to see what exactly you do.  Do you have to apply for the loan again with your lender?

I'm probably going to have to file a 7, and we didn't talk about reaffirming anything, I've just seen it on the boards, but without a reall explanation of how it works.  I have no car loans, so I guess the only thing I'll have to reaffirm is my mortgage.

I know I don't know any of you, but having just posted that I'm filing was one of the hardest things I've had to do.

THanks

[Anonymous]

Ask your bk attorney and call your lender to have them send a reaffirmation agreement to you.   I did not reaffirm one of my debts and the lender now stopped reporting the debt to the CRA's.............

[Anonymous]

when you file, there is a section that you fill out to reaffirm any debt you would like, for example, you mortgage loan. your lawyer should help you fill that out properly. make sure that they help you in this difficult time in your life, after all, you are paying them. i remember when my lawyer and i were going through the checking of my paperwork, all my debts were wrong because the stupid assistant put the wrong debts in my application. so my lawyer and i both went through each creditor one by one.

don't worry, in case you haven't heard, this country is in a bit of a financial mess right now, with gas nearing $4 a gallon, one wonders how one can afford a loaf of bread within the next month or two.

if you don't already have a lawyer, you should consult with a few...it is free to ask and make sure you do shop around and go with one who is current with the new bk laws.

it may be hard now, but if things work out, it would feel great to be debt free and know that you truly are trying to rebuild for a better future for yourself and family. just make sure you make good use of your second chance.

[Anonymous]

thanks for replying.  so it's not a huge deal to reaffirm, is the gist i'm getting?

I appreciate your kind words.   I actually have met with 3 attorneys.  My initial plan was not to file, I was going to them for help in negotiating with a creditor.  They all looked at me like I was nuts when I said I'd never considered filing.  I've managed to hang on now for awhile, making payments, etc., but there's no way out of this at this point unless I file.  While I'm distraught over this, I've now been made to realize, as you say, this is my second chance.   I didn't get herre by being frivilous, it was one bad thing after another, that just kept compiling.  I remember at one point saying to myself, this has to be the end of the bad stuff, what else could possibly happen...well, lo and behold, i've learned not to use that expression any more

[Anonymous]

Not hard to reaffirm. Most people will be glad to let you keep paying for something.

[Anonymous]

you have to ask yourself, if the stress of all these debts interfering with your health and everyday life?

a few years ago, the thought of filing never crossed my mind. looking back now, i wish i did file a bit earlier....albeit, my case might be different than yours and quite possibly simpler.

but for me, it was the right thing to do. the relief after the feeling of almost hopelessness, carrying those debts month by month, not seeming to get smaller even though almost everything you earn is going into repaying.

but i know what you mean, when things are bad, they just seem to get worse sometimes. family emergency here, loss of income there. some family member has a mishap, and then car breaks down.....it all adds up. then you try to make ends meet, and there is not enough money. and pretty soon , we start resorting to stupid measures like cash advances from our cards, and sometimes payday advances, not realizing that we actually are digging ourselves an even deeper hole.

you are not alone. some people understand how desperate life gets sometimes and no one here is really qualified to pass judgment. you should never let anyone have that power over you.