REAFFIRMATION AGREEMENTS: PUBLISHED BY THE FLORIDA BARA GUIDE FOR FLO - PDF document

REAFFIRMATION AGREEMENTS: PUBLISHED BY THE FLORIDA BARA GUIDE FOR FLORIDA DEBTORSBUSINESS LAW SECTION-January 2001**********************************************************************************************************************************************Local Legal Aid Office Information:INTRODUCTION The primary purpose in filing for Chapter 7 bankruptcyrelief is for a person known in bankruptcy as “theDebtor” to get a discharge C that is, to get rid of olddebts or financial obligations. Sometimes one of yourcreditors may ask you at your Creditors’ Meeting, onthe phone or by mail to sign a Reaffirmation Agreementin order to keep a car, a computer, or furniture orappliances that you financed. A ReaffirmationAgreement is your new contract or legal promise tokeep a specific debt even though your other obligationswill be gone. If any of your creditors ask you to sign aReaffirmation Agreement, you have an importantdecision to make and should be cautious. You may wantto consider the points made in this information sheet.This paper has been published by the Business LawSection of The Florida Bar to help you make a moreinformed choice before agreeing to remain responsiblefor debts that could be wiped out in bankruptcy. Thispamphlet may not address all of your questionsregarding Reaffirmation Agreements. You have theright to hire a lawyer if you can afford it or, if not andyou qualify, you may be able to obtain free legal advicethrough your local legal aid office.CHOICES In Florida, you have three choices in dealing withcollateral or property that has been financed such as anautomobile loan:1.Return the property and get rid of the debt;2.Keep the property and keep the debt by signing aReaffirmation Agreement so you will have to continue to make payments like you did beforebankruptcy; or3.Keep the property by redeeming or paying thewhole value of the property in cash. (This lastoption is very rarely used by Debtors).ASK FOR DOCUMENTS AND INFORMATION Before reaffirming any debt, you should ask yourcreditor to give you:1.Copies of documents that prove the creditor has aright to repossess, “repo” or take away yourproperty (such as a security agreement orinstallment contract and UCC-1 FinancingStatement or Certificate of Title);2.How much you have to pay to keep the propertyunder a Reaffirmation Agreement and the termsunder which the debt will be repaid such as weekly,monthly or quarterly payments.; and3.A statement of the redemption value of thecollateral which is the amount you have to pay incash at one time to pay off the loan and keep theproperty.REASONS NOT TO REAFFIRM You generally SHOULD NOT reaffirm debts under thefollowing situations:· The debt is totally unsecured by any property.· The creditor cannot provide the necessarypaperwork to establish that the debt is secured.· You really don’t want to keep the property and arewilling to give it back to the creditor.· You are way behind in payments and there is a highprobability that the property will be repossessedanyway at a later date.· The creditor is threatening to file a lawsuit in thebankruptcy court for collection of the debt unlessyou agree to reaffirm .· The debt to be reaffirmed is not now secured byany property but the creditor is offering to giveyou new credit. (There may be other cheaper waysto obtain new credit.)WHEN YOU MAY WANT TO REAFFIRM Assuming the creditor can prove that it is properlysecured in the collateral and has the right to “repo” theproperty if you don’t pay, you MAY want to reaffirm adebt under the following circumstances:· It is essential that you keep the property (such asa car to get to and from work) and you have noability to get another one for an cheaper amount· You need to keep the property and have beenunable to get the creditor to agree to a reducedpayoff amount (redemption amount You have the ability to bring and keep thepayments current because other debts will bedischarged. The creditor gives you something of value in returnfor signing the Reaffirmation Agreement, such as awritten promise to let you catch up on the pastpayments in a affordable way, to reduce theinterest rate, or to reduce the total amount of thedebt to the value of the property or some otherreasonable amount.· You need to reaffirm the debt to protect a “co-debtor” (another person who is also liable to repaythe debt).Reminder A Debtor should always remember that the signing ofa Reaffirmation Agreement is a voluntary act and thebankruptcy law does not encourage the reaffirmationof dischargeable debts. You have the right to refuse tosign the agreement, although you may have to give upthe financed property. Importantly, the ReaffirmationAgreement is not valid and binding on you unless theBankruptcy Court approves it. You also have the rightto try and negotiate different terms for a Reaffirmation You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS *** The primary purpose in filing for Chapter 7 bankruptcyrelief is for a person known in bankruptcy as “theC that is, to get rid of olddebts or financial obligations. Sometimes one of yourThis paper has been published by the Business LawSection of The Florida Bar to help you make a moreCHOICES In Florida, you have three choices in dealing withcollateral or property that has been financed such as an1.Return the property and get rid of the debt;2.Keep the property and keep the debt by signing aReaffirmation Agreement so you will have to 3.Keep the property by redeeming or paying thewhole value of the property in cash. (This lastASK FOR DOCUMENTS AND INFORMATION Before reaffirming any debt, you should ask yourcreditor to give you:1.Copies of documents that prove the creditor has aright to repossess, “repo” or take away yourproperty (such as a security agreement or2.How much you have to pay to keep the propertyunder a Reaffirmation Agreement and the terms3.A statement of the redemption value of thecollateral which is the amount you have to pay inREASONS NOT TO REAFFIRM You generally SHOULD NOT reaffirm debts under thefollowing situations:· The debt is totally unsecured by any property.· The creditor cannot provide the necessarypaperwork to establish that the debt is secured.· You really don’t want to keep the property and are· You are way behind in payments and there is a high· The creditor is threatening to file a lawsuit in the· The debt to be reaffirmed is not now secured byyou new credit. (There may be other cheaper waysWHEN YOU MAY WANT TO REAFFIRM Assuming the creditor can prove that it is properlysecured in the collateral and has the right to “repo” theproperty if you don’t pay, you MAY want to reaffirm adebt under the following circumstances:· It is essential that you keep the property (such as· You need to keep the property and have beenredemption amount)· You have the ability to bring and keep the· The creditor gives you something of value in return· You need to reaffirm the debt to protect a “co-Reminder A Debtor should always remember that the signing ofa Reaffirmation Agreement is a voluntary act and the REAFFIRMATION AGREEMENTS: PUBLISHED BY THE FLORIDA BARA GUIDE FOR FLORIDA DEBTORSBUSINESS LAW SECTION-January 2001******************************************************************************************************************************************Local Legal Aid Office Information:INTRODUCTION The primary purpose in filing for Chapter 7 bankruptcyrelief is for a person known in bankruptcy as “theC that is, to get rid of olddebts or financial obligations. Sometimes one of yourThis paper has been published by the Business LawSection of The Florida Bar to help you make a moreCHOICES In Florida, you have three choices in dealing withcollateral or property that has been financed such as an1.Return the property and get rid of the debt;2.Keep the property and keep the debt by signing aReaffirmation Agreement so you will have to 3.Keep the property by redeeming or paying thewhole value of the property in cash. (This lastASK FOR DOCUMENTS AND INFORMATION Before reaffirming any debt, you should ask yourcreditor to give you:1.Copies of documents that prove the creditor has aright to repossess, “repo” or take away yourproperty (such as a security agreement or2.How much you have to pay to keep the propertyunder a Reaffirmation Agreement and the terms3.A statement of the redemption value of thecollateral which is the amount you have to pay inREASONS NOT TO REAFFIRM You generally SHOULD NOT reaffirm debts under thefollowing situations:· The debt is totally unsecured by any property.· The creditor cannot provide the necessarypaperwork to establish that the debt is secured.· You really don’t want to keep the property and are· You are way behind in payments and there is a high· The creditor is threatening to file a lawsuit in the· The debt to be reaffirmed is not now secured byyou new credit. (There may be other cheaper waysWHEN YOU MAY WANT TO REAFFIRM Assuming the creditor can prove that it is properlysecured in the collateral and has the right to “repo” theproperty if you don’t pay, you MAY want to reaffirm adebt under the following circumstances:· It is essential that you keep the property (such as· You need to keep the property and have beenredemption amount)· You have the ability to bring and keep the· The creditor gives you something of value in return· You need to reaffirm the debt to protect a “co-Reminder A Debtor should always remember that the signing ofa Reaffirmation Agreement is a voluntary act and the REAFFIRMATION AGREEMENTS: PUBLISHED BY THE FLORIDA BARA GUIDE FOR FLORIDA DEBTORSBUSINESS LAW SECTION-January 2001******************************************************************************************************************************************Local Legal Aid Office Information:INTRODUCTION The primary purpose in filing for Chapter 7 bankruptcyrelief is for a person known in bankruptcy as “theC that is, to get rid of olddebts or financial obligations. Sometimes one of yourThis paper has been published by the Business LawSection of The Florida Bar to help you make a moreCHOICES In Florida, you have three choices in dealing withcollateral or property that has been financed such as an1.Return the property and get rid of the debt;2.Keep the property and keep the debt by signing aReaffirmation Agreement so you will have to 3.Keep the property by redeeming or paying thewhole value of the property in cash. (This lastASK FOR DOCUMENTS AND INFORMATION Before reaffirming any debt, you should ask yourcreditor to give you:1.Copies of documents that prove the creditor has aright to repossess, “repo” or take away yourproperty (such as a security agreement or2.How much you have to pay to keep the propertyunder a Reaffirmation Agreement and the terms3.A statement of the redemption value of thecollateral which is the amount you have to pay inREASONS NOT TO REAFFIRM You generally SHOULD NOT reaffirm debts under thefollowing situations:· The debt is totally unsecured by any property.· The creditor cannot provide the necessarypaperwork to establish that the debt is secured.· You really don’t want to keep the property and are· You are way behind in payments and there is a high· The creditor is threatening to file a lawsuit in the· The debt to be reaffirmed is not now secured byyou new credit. (There may be other cheaper waysWHEN YOU MAY WANT TO REAFFIRM Assuming the creditor can prove that it is properlysecured in the collateral and has the right to “repo” theproperty if you don’t pay, you MAY want to reaffirm adebt under the following circumstances:· It is essential that you keep the property (such as· You need to keep the property and have beenredemption amount)· You have the ability to bring and keep the· The creditor gives you something of value in return· You need to reaffirm the debt to protect a “co-Reminder A Debtor should always remember that the signing ofa Reaffirmation Agreement is a voluntary act and the REAFFIRMATION AGREEMENTS: PUBLISHED BY THE FLORIDA BARA GUIDE FOR FLORIDA DEBTORSBUSINESS LAW SECTION-January 2001*****************************************************************************************************************************************Local Legal Aid Office Information:INTRODUCTION The primary purpose in filing for Chapter 7 bankruptcyrelief is for a person known in bankruptcy as “theC that is, to get rid of olddebts or financial obligations. Sometimes one of yourThis paper has been published by the Business LawSection of The Florida Bar to help you make a moreCHOICES In Florida, you have three choices in dealing withcollateral or property that has been financed such as an1.Return the property and get rid of the debt;2.Keep the property and keep the debt by signing aReaffirmation Agreement so you will have to 3.Keep the property by redeeming or paying thewhole value of the property in cash. (This lastASK FOR DOCUMENTS AND INFORMATION Before reaffirming any debt, you should ask yourcreditor to give you:1.Copies of documents that prove the creditor has aright to repossess, “repo” or take away yourproperty (such as a security agreement or2.How much you have to pay to keep the propertyunder a Reaffirmation Agreement and the terms3.A statement of the redemption value of thecollateral which is the amount you have to pay inREASONS NOT TO REAFFIRM You generally SHOULD NOT reaffirm debts under thefollowing situations:· The debt is totally unsecured by any property.· The creditor cannot provide the necessarypaperwork to establish that the debt is secured.· You really don’t want to keep the property and are· You are way behind in payments and there is a high· The creditor is threatening to file a lawsuit in the· The debt to be reaffirmed is not now secured byyou new credit. (There may be other cheaper waysWHEN YOU MAY WANT TO REAFFIRM Assuming the creditor can prove that it is properlysecured in the collateral and has the right to “repo” theproperty if you don’t pay, you MAY want to reaffirm adebt under the following circumstances:· It is essential that you keep the property (such as· You need to keep the property and have beenredemption amount)· You have the ability to bring and keep the· The creditor gives you something of value in return· You need to reaffirm the debt to protect a “co-Reminder A Debtor should always remember that the signing ofa Reaffirmation Agreement is a voluntary act and the IF NO,GIVE IT BACK! You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS CONSIDER THIS BEFORE YOU REAFFIRM IF YES BEFORE YOU SIGN … You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS CONSIDER THIS BEFORE YOU REAFFIRM IF YES BEFORE YOU SIGN … You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS CONSIDER THIS BEFORE YOU REAFFIRM IF YES BEFORE YOU SIGN … You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS CONSIDER THIS BEFORE YOU REAFFIRM IF YES BEFORE YOU SIGN … You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS CONSIDER THIS BEFORE YOU REAFFIRM IF YES BEFORE YOU SIGN … IF YES IF NO, GIVE IT BACK! You still want to reaffirm? Do you need it?Answer thisquestionhonestly. Youmay like thatnew sofa, thenew computeror that TV,but its time tomake hardchoices andyou can’t keepeverything.Only considerreaffirmingdebts onthings youabsolutely need, likeyour car to goto work. Can you get another one for less money? IF SO,DON’T REAFFIRM!Can you really afford it?(I MEAN REALLY!!)IF NOT, DON’TREAFFIRM! Has the creditor offered you a “new deal,” credit card oranything else to reaffirm?WEIGH YOUR OPTIONS-LOWER INTERESTRATES AND BETTERPAYMENT TERMS MAYNOT BE THE ANSWER So you still want to keep it .Can your creditor repossess or takethe property if you don’t make yourpayments? Make sure the creditor shows you the paper that says they can take your property. If they can’t,DON’T REAFFIRM!Are you way behind on yourpayments? If you do not have a realchance to catch up, you will defaultlater and lose your property anyway.DON’T REAFFIRM!When you owe a lot of money and the creditor is offering to give you new credit or keep your account ingood standing, be careful and think:ARE THERE CHEAPERWAYS TO GET CREDIT? · If you decide to reaffirm, you must sign the reaffirmation agreementbefore you get a discharge.· Do you understand the agreement? Amount you owe? Payment terms?Are all agreed terms in the document?· If you don’t have an attorney, the bankruptcy court must approve theagreement before it is binding and a creditor can enforce it.· If you change your mind you can cancel the agreement anytime beforeyour discharge or 60 days after the agreement is filed with the court,whichever comes later. Just tell the creditor (in writing is best), and theagreement is cancelled. This is your right to rescind the agreement. FLA. BAR BUSINESS CONSIDER THIS BEFORE YOU REAFFIRM BEFORE YOU SIGN …