Yes, you can rescind, or cancel, a reaffirmation agreement. But the deadline to do so is very quick. Know when it is so you can act timely. Reaffirmation Agreements Our last four blog posts have been about reaffirmation agreements in a “straight bankruptcy” Chapter 7 case. In particular the first of these introduced these special agreements and the second … Read More
Sometimes, even if what you bought is legally collateral on a debt, you can just write off and not pay the debt yet keep what you bought.
A secured debt effectively turns into an unsecured debt if you surrender the collateral, which may make sense to do more than you think.
Chapter 7 has many important features deserving appreciation.