Leases are their own animal under the bankruptcy code. They are neither secured debt, nor unsecured debt. They get their very own schedule, schedule G. And the Bankruptcy Code provides that leases can be assumed or rejected. Rejection, as you might have guessed, means nope, not interested, take your leased property back, don’t [...]
reaffirmation agreements
In part one, I discussed some recent Bankruptcy Law Network posts on reaffirmation agreements. For part two, though, we’ll focus soley on the reality of a typical auto loan scenario. Forget About the Law “What?” you say. “This site is all about the law!” That’s true, but reality is more important. The reality is that [...]
Reaffirmation agreements are the subject of great debate. Secured creditors, like auto lenders, want you to sign them if you file Chapter 7 bankruptcy. Reaffirmation agreements prevent debt from being discharged, and lenders like that. But because your discharge is the Holy Grail of the bankruptcy process, you need to weigh your options very carefully [...]
