Pelley Law Office LLP
Dallas Office
Plano Office
Sherman Office

No Charge For Initial Consultation ($250 value)

Menu Contact

Over 80 Years Of Combined Experience

View Our Practice Areas

Reaffirmation Agreements

A secured creditor is a creditor that if you did not pay them, they could take something away from you.  A good example of that is a home mortgage creditor, or the bank that holds the note on a vehicle.  An unsecured creditor is a creditor who would have to sue you before being able to take any of your property.  A good example is a credit card company or an unpaid medical bill.

When you file a Chapter 7 or Chapter 13 bankruptcy then you can reaffirm the debt and continue to pay for a secured creditor if you want to keep the collateral.  If you sign the reaffirmation agreement on a vehicle, then you are reaffirming to the creditor that you intend to keep the collateral and pay the debt.  

At the same time, if you file bankruptcy because you have overwhelming credit card debt, medical bills or are facing repossession or foreclosure or some other related problem then you do not have to sign a reaffirmation agreement.  If you wish to surrender a secured asset back to the creditor, then the debt should be discharged if you do not sign a reaffirmation agreement.

No Comments

Leave a comment
Comment Information

Awards & Recognition

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Office Locations

Plano office
Sherman office
Dallas office

Plano Office
1312 14th Street, Suite 100
Plano, Texas 75074

Phone: 972-608-0335
Map & Directions

Sherman Office
905 North Travis Street
Sherman, Texas 75090

Phone: 903-813-4778
Map & Directions

Dallas Office
100 Crescent Court
Suite 700
Dallas, Texas 75201

Phone: 214-733-1775
Map & Directions