• Spectacular!

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  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.

Questions You Should Ask Before Reaffirming A Car Loan

attorney, attorneys, lawyer, lawyers, California, CA, Bankruptcy, wage, garnishment, stockton, citrus heights, roseville, sacramento Reaffirming debt is serious business. Once you reaffirm a debt you are making a promise to the creditor that you will repay the debt as though it was never part of your bankruptcy. And if you fail to make timely payments or default on the reaffirmed debt, your financial troubles—wage garnishments, bank levies, and lawsuits could start all over again. But you may feel that reaffirming your debt, especially a car loan, is necessary because you need your vehicle just to get back and forth to work. If you want to reduce the risk that comes with debt reaffirmation, there are a few things you should ask before you reaffirm debt in bankruptcy.

1. Is this in your best interests? There are good loans and there are bad loans. Unfortunately, many car loans are bad especially if you financed your vehicle through a subprime lender. You need to carefully examine the terms of your reaffirmation agreement and the original car loan to make sure that the terms and conditions are really in your favor. For example, if you find that your car loan is for an amount that’s significantly more than the value of your vehicle, then debt reaffirmation in bankruptcy may be a very bad idea.

2. Can you afford it? Even if the reaffirmation and loan terms are fair and in your best interests, your finances may not be ready to take on such a burden. Think about your financial responsibilities after bankruptcy. What is your budget? What debts will be discharged and which will stay with you? For example, if you must repay your student loans and child support payments, can you really afford an expensive car note especially if you have a low-paying job?

3. Is there an alternative to reaffirmation? If you’re feeling pressured to sign a reaffirmation agreement because you need your vehicle after bankruptcy, you may have an alternative. Many lenders are willing to accept payments from you and allow you to keep your vehicle even if you never sign a reaffirmation agreement. This means that without the reaffirmation agreement, you wouldn’t face lawsuits and other aggressive collections actions if you failed to pay the debt after bankruptcy. Without a reaffirmation agreement, failure to pay means that you must surrender your vehicle to the lender. You might also consider dropping your car loan, returning your vehicle, and buying a cheaper car for cash. It’s a lot safer than risking your financial fresh start by reaffirming debt that you should really discharge in bankruptcy.

4. Will the bankruptcy court agree? Even if you decide that you want to reaffirm a debt in bankruptcy, the trustee can stop you. If the bankruptcy court determines that signing a reaffirmation agreement would work against the fresh financial start bankruptcy is supposed to give, they can prevent you from signing it.

If you want to find out how keep your vehicle or other property in bankruptcy, call us today.

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