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[Ainmire]

We're likely to be filing Chapter 7 bankruptcy quickly, and the woman in the attorney's workplace I talked with said we can maintain our home, but we'd need to have to do a reaffirmation about the mortgage. Silly me forgot to ask what that indicates.

[Ealdun]

It means that you still promise to pay the loan I had to do the same thing with regards to my car when I filed for bankruptcy.  The only thing that you can't file bankruptcy against(as far as I know) is student loans.   I hope this helps you to get back on track financially -- I know mine did.     Sources: personal experience   MonMurphy1966's Recommendations Credit After Bankruptcy: A Step-By-Step Action Plan to Quick and Lasting Recovery after Personal Bankruptcy Amazon List Price: $29.95 Used from: $13.60 Average Customer Rating: 4.5 out of 5(based on 166 reviews) MonMurphy1966 80 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.

[Jordy]

Agree to pay for the mortgage When you file a chapeter 7, the court orders all of your creditors(some rare exceptions like some taxes) to release you from the debt that you own them.  A chapter 7 protects some of your assets like certin amount of cash and personal items.  It doesn't directly protect your home, you home debt is able to be wiped out in the bankruptcy, but then the mortgage company can and will take your home from you.  However when the mortgage companies will generally do is allow you to re-agree or reaffirm to pay your mortgage that the bankruptcy relived you of the obligation to pay.   So kind of how it works is this:   Bankruptcy wipes out most all dept, including mortgage debt.  At court date, most of the time you can choose to sign a re-affirmation, meaning that your debt from your house was wiped out and the bank then would have proceded to take your home,, but you are signing a document that is after the bankruptcy fileing saying that you agree to continue to pay the mortgage, so they agree to continue to allow you to live in your home.  Since this agreement is signed again after the bankruptcy court date, it is a binding agreement on you that is not wiped out with the chapter 7.  So you will have to continue to pay for your house, but will generally be able to keep your house.     THINK CAREFULLY ABOUT IF IT IS WORTH KEEPING YOUR HOUSE, ESPICALLY IF YOUR LOANS ON YOUR HOUSE ARE FOR MORE MONEY THAN WHAT THE HOUSE IS REALLY WORTH!!  YOU WILL NOT GET A SECOND CHANCE FOR 7 TO 10 MORE YEARS TILL YOU CAN FILE A BANKRUPTCY AGAIN!  If you have a second mortgage on the house, it may be better to move than to keep your house and keep paying both mortgages.  If you give up your home, you can often live there for a long time after the bankruptcy is filed, depending on the state, it may be between 6 months and a year with no payments.  I know someone that went over 2 full years without making a single payment on there home loan, they gave up there house, but also gave up tons of debt that was borrowed on a second mortgage...  The 2 years gave them some time to get there affairs in order and find a new place to live.   Good Luck!!!!   if you have more questions feel free to message me. unfortunatly, i know all about how this works... Sources: personal experiance. AkivaTheDog 80 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.