What happens if you reaffirm a mortgage in a Chapter 7 bankruptcy? ...

A Chapter 7 bankruptcy gives you the opportunity to obtain a release of most if not all of your debts. ... .Discharge means that you no longer hold the responsibility for these obligations. ... .During a bankruptcy proceeding to Chapter 7, you have the opportunity to seek a confirmation of your mortgage if you do under the U.S. Bankruptcy Code. ... .Reaffirming FunctionThe function is to give you the opportunity to retain ownership and possession of the home and repay the mortgage in the future, to reaffirm, even after the completion of your order bankruptcy.AgreementIn Chapter 7 do. Your mortgage obligation to you. .and called your lender contract "arrangement .." The contract is the agreement reaffirms the underlying mortgage loans with the same terms and conditions, some of these rules. under negotiation. .MisconceptionsOne common misconceptions associated with SBA is that you have a contract in a Chapter 7 in force. .Insolvencies. ... .In fact, you can not close on stand-by agreement with your lender if you wish. ... .In some cases, maintaining a house and the related loan no financial sense for a debtor, which starts from a Chapter 7 bankruptcy.Time FrameTypically negotiations on a standby arrangement shortly after. Has filed bankruptcy. ... .In 30 to 60 days after the start of a bankruptcy case to Chapter 7, a meeting of creditors is held. ... .The meeting of creditors is the time when many of affirmation agreements formally by mortgage holders and home medical assistant lenders.Expert Chapter 7 bankruptcy, and run the matters relating to the reaffirmation of a mortgage, are complex. Legal issues. ... .The reality is that your interests best served by the assistance of an attorney. ... .To keep the local bar associations and state lists of lawyers who practice in various areas of law, including bankruptcy. ... .The coordinates of these organizations is the American Bar Association is available ....