What Is Reaffirmation?
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Reaffirmation is an agreement signaling to a secured lender that you intend to continue abiding by the terms of your original contract despite your bankruptcy filing. If you remain current on these obligations, they are reported positively on your credit report — making them valuable tools for credit rehabilitation.
When Reaffirmation May Not Be Possible
You may be unable to reaffirm when you cannot document sufficient income to cover payments after all monthly expenses. In this case you may still keep the collateral by continuing payments, but the debt may be designated "included in bankruptcy" on your credit report even if payments were current — which creates problems when refinancing.
When Reaffirmation May Not Be the Right Choice
If you are uncertain about your future income or were a co-signer, reaffirmation may not make sense. Alternatives include voluntary surrender, loss mitigation, or a court-approved sale. Every situation is analyzed individually.
Frequently Asked Questions
Should I reaffirm my car loan in a New Jersey bankruptcy?
It depends on your income stability and the value of the vehicle relative to what you owe. If payments are manageable and the car is essential for work, reaffirmation may make sense. If income is uncertain or the car is worth significantly less than the loan balance, alternatives may be better. We analyze each situation individually at no charge.
What is the deadline for reaffirmation in a New Jersey bankruptcy?
A reaffirmation agreement must be filed with the court before your Chapter 7 discharge — typically within 60 days of your 341 meeting. Missing this deadline means the debt is discharged regardless of your intentions. We track all deadlines for you.
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