Should I Reaffirm My House or Car?

Should I Reaffirm My House or Car?

When an individual files for Chapter 7 bankruptcy and they want to keep certain debts, such as a house or car, they can typically do so by choosing to reaffirm the debt with the creditor. A properly filed reaffirmation agreement is the usually the only way a debt will...
Can the Bankruptcy Court Consider My House a Luxury Item?

Can the Bankruptcy Court Consider My House a Luxury Item?

Ok, some of you may not have any idea the direction I am going here. Let’s start here: An individual files for Chapter 7, makes $75,000 a year, Household of 1, and passes the means test only because he is keeping a 2010 Mercedes S550. The balance of the car is...