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Reaffirmation Agreements in New Jersey Bankruptcies

A reaffirmation agreement in bankruptcy is a document that takes a debt out of the bankruptcy, so that it will not be discharged.  This is most often used with car loans should you wish to keep the vehicle.  When used with vehicles, you have 45 days from the first date you are scheduled to meet with the trustee in your bankruptcy case to sign and return this document to the creditor.

It then has to be filed with the court within 60 days of that trustee meeting. Even after all of this, you can still change your mind by sending a rescision letter to the bank within 60 days of filing the agreement or before your discharge is issued, whichever is later.

Reaffirming a car loan isn't always the best option, and you need to consider several factors before making this decision. You should also consult with my office to see if is the right choice for you.

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Steven J. Richardson
Bankruptcy, Collections, Student Loan, DUI and Traffic Court attorney in Woodbury, NJ.