It is almost never a good idea to reaffirm a credit card. Reaffirming means you will pay bills that your bankruptcy would normally wipe out. That can be a very high price to pay for the convenience of a credit card. Try paying cash. Then in a … [Continue reading]
Do I Have to Reaffirm Car Loans, Home Mortgages?
Posted on February 17, 2009 Written by
If you are behind on a car loan or a home mortgage and you can afford to catch up, you can reaffirm and possibly keep your car or home. If the lender agrees to give you the time you need to get caught up on a default, this may be a good reason to … [Continue reading]
Kansas Suspends Paying Tax Refunds
Posted on February 16, 2009 Written by
The State of Kansas suspended paying $12 million in income tax refunds today and may not have enough funds to pay employee payroll on Friday, according to the Topeka Capital-Journal citing Budget Director Duane Goossen. The state ran short in its … [Continue reading]
Do I Have Other Options for Secured Debts Other than Reaffirmation?
Posted on February 16, 2009 Written by
You may be able to keep the collateral on a secured debt by paying the creditor in a lump sum the amount the item is worth rather than what you owe on the loan. This is your right under the bankruptcy law to “redeem†the collateral. Redeeming … [Continue reading]
Should I Reaffirm a Debt?
Posted on February 15, 2009 Written by
If you are thinking about reaffirming, the first question should always be whether you can afford the monthly payments. Reaffirming any debt means that you are agreeing to make the payments every month, and to face the consequences if you … [Continue reading]
Free Credit Reports Aren't Really Free
Posted on February 14, 2009 Written by
The frequently advertised free credit report websites aren't really free--there is a catch. But there is a place you can get free credit reports once a year without any traps. Yes, you get a free report on the advertised website, but you have to … [Continue reading]
Do I Have to Reaffirm the Same Terms?
Posted on February 14, 2009 Written by
No. A reaffirmation is a new contract between you and the lender. You should try to get the creditor to agree to better terms such as a lower monthly payment or interest rate. You can also try to negotiate a reduction in the amount you owe. … [Continue reading]
Lenders Halt Foreclosures Three Weeks
Posted on February 13, 2009 Written by
JP Morgan Chase & Co., Citigroup Inc., Morgan Stanley and Fannie Mae have announced they are halting home foreclosures until March 6, 2009, while the Obama administration develops its policy for helping the U.S. housing market. … [Continue reading]
Beware of Tax Refund Loans
Posted on February 13, 2009 Written by
Tax refund anticipation loans Some tax return preparers offer to provide an “instant†tax refund by arranging for loans based on the expected refund. The loan is for a very short period of time between when the return is filed and when you … [Continue reading]
Can I Change My Mind After I Reaffirm a Debt?
Posted on February 13, 2009 Written by
Yes. You can cancel any reaffirmation agreement for sixty days after it is filed with the court. You can also cancel at any time before your discharge order. To cancel a reaffirmation agreement, you must notify the creditor in writing. You do … [Continue reading]
NPR Airs Story on Judicial Mortgage Modification in Chapter 13 Bankruptcy
Posted on February 12, 2009 Written by
Here is a report that aired on National Public Radio this morning about the judicial mortgage modification bill pending in Congress. "On Capitol Hill, Democrats are supporting a bill that would let judges block home foreclosures. The measure would … [Continue reading]
Do I Have to Reaffirm Any Debts?
Posted on February 12, 2009 Written by
No. Reaffirmation is always optional. It is not required by bankruptcy law or any other law. If a creditor tries to pressure you to reaffirm, remember you can always say no. Source: Your Legal Rights During and After Bankruptcy: Making the … [Continue reading]
Congress Considers Judicial Mortgage Modification in Chapter 13 Bankruptcy
Posted on February 11, 2009 Written by
The Helping Families Save Their Homes in Bankruptcy Act of 2009 is pending in Congress. If passed, chapter 13 debtors will be able to rewrite their delinquent mortgage loans by lowering the loan balance to the value of the home, reducing interest … [Continue reading]
Mortgage Loan Modification Programs
Posted on February 11, 2009 Written by
Here is a collection of voluntary mortgage loan modification programs from various lenders in the United States collected by the National Consumer Law Center, America's consumer law experts. Some lenders will modify and some won’t. Mortgage … [Continue reading]
What Is Reaffirmation?
Posted on February 11, 2009 Written by
Although you filed bankruptcy to cancel your debts, you have the option to sign a written agreement to “reaffirm†a debt. If you choose to reaffirm, you agree to be legally obligated to pay the debt despite bankruptcy. If you reaffirm, the … [Continue reading]
Kansas Gasoline Supplier Files Chapter 11 Bankruptcy
Posted on February 10, 2009 Written by
Crescent Oil Company, Inc., of Independence, Kansas, filed a chapter 11 bankruptcy proceeding in the Kansas Bankruptcy Court in Kansas City, Kansas. The company is a gasoline supplier to retailers in six midwestern states. The petition for … [Continue reading]
