Can I Reaffirm My Mortgage in a Chapter 7 Bankruptcy?
Can I Reaffirm My Mortgage in a Chapter 7 Bankruptcy?
If you're facing a Chapter 7 bankruptcy, you may be wondering if you can reaffirm your mortgage. The answer is yes, but there are some things you need to know first.
For one, reaffirming your mortgage means that you are agreeing to continue making payments on the loan and that the debt will not be discharged in bankruptcy. This means that if you fall behind on payments after reaffirming, the lender can foreclose on your home.
Before you decide to reaffirm your mortgage, make sure you talk to an experienced bankruptcy attorney. They can help you understand the pros and cons of reaffirming and help you make the best decision for your situation.
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