Creditor wants me to reaffirm after BK

[JackBondLove]

I am almost to the point of filing Chapter 7, and have been telling my creditors this (I'm looking to get some dental work first, which my attorney has recommended that I do before filing.) One of my creditors (a credit card) says that I should reaffirm the debt after the Chapter 7. The representative said that it would be wise financial move for me to do.

Now as I understand it, once I go through Chapter 7, all the unsecured debt will go away. So why in the world would I want to reaffirm a debt? OK, perhaps for karma or to avoid violating the 8th Commandement ("Thou Shalt Not Steal"), but aside from that, wouldn't it be the same as taking a cash advance, and giving it away? I mean, a bankrupt debtor does not have to pay an old creditor, so paying one is an optional act, and not doing it cannot result in any harm to the debtor. Or am I missing something here?

Perhaps, if I would pay all of my creditors, my credit score can go back to being high? Could I then go to court and force the credit agencies to remove the bankruptcy and late payments history? Even if this were so, if I had to pay back $50000 just to be eligible to get $50000 loan, would that defeat the purpose (I could have just kept the money and not paid it to the creditors in the first place!)

[calgirl67]

Are they high on something. You would have to have rocks in your brain to even think about taking this "advice".

They will take your money and STILL trash your credit. Oh.. no wait, its trashed anyway because you file CH 7. DO NOT TRUST these scumbags.

"Could I then go to court and force the credit agencies to remove the bankruptcy and late payments history?" Well good luck with that. You would not even get in the front door.

Tell them to take a hike and to look forward to getting their notice from the BK court.

[justbroke]

Forget rocks on the brain. A "reaffirmation" made after the last date to file a complaint to determine dischargeabliity of a debt (a/k/a the dischargeability bar date), is void ab initio (from the start). This is by operation of the Bankruptcy Code in 11 USC 524.

Sorry, but I would never "listen" to a creditor or the creditor's attorney. Retain your own counsel and submit these types of questions to them.

[pcn]

Forget rocks on the brain. A "reaffirmation" made after the last date to file a complaint to determine dischargeabliity of a debt (a/k/a the dischargeability bar date), is void ab initio (from the start). This is by operation of the Bankruptcy Code in 11 USC 524.

Sorry, but I would never "listen" to a creditor or the creditor's attorney. Retain your own counsel and submit these types of questions to them.

So this would apply to a mortgage as well, right? I've just been wondering if we, for some reason, thought we needed to reaffirm our 1st down the road what options we might have.

[jamesd1967]

just say no.

[pcn]

just say no.

Why?

[AngelinaCatHub]

Why?

As JB said, you can't reaffirm after your time limit. Next why would you want to encumber yourself back into debt you are getting out of? About the Mortgage, just pay through. They won't kick you out if you are current. Why are you begging to go back into existing debt? 'Hub

[whipster1]

My first question is WHY ARE YOU DISCUSSING BANKRUPTCY WITH YOUR CREDITORS?

[StartingOver08]

The creditors will tell you anything to get cash out of you now or cash out of you in the future.

Most lie a little, some lie a lot. Its a game they enjoy. Don't participate. If you for some reason you wanted to pay back a creditor after your BK you can do so without a reaffirmation but for goodness sake why would you repay a cc debt!??? To answer your other question: NO, it will not help you to repay them after the BK. The BK stays on your record anyway.

[justbroke]

StartingOver summarizes it well. They wait for you to get out of Bankruptcy to sign a "new" agreement (not so much a reaffirmation). As stated... why would one even entertain that?

[drowningNdebt]

Man you would have to be way out of your mind to reaffirm an unsecured debt! The creditors will say and do anything to decieve you into reaffirming a debt. No it won't help your credit, no it won't make them go away (cause when you miss a payment they will be calling again) and YES it will make your wallet thinner (that's what the creditor wants) I wouldn't even reaffirm a secured loan in BK!!!!!!!!! Tell this creditor to go get lost and take the debt and shove it