Bankruptcy reaffirmatiom - Posted by Art ffrom NC

import · February 24, 2002, 10:47am

Posted by Bud Branstetter on February 26, 2002 at 17:31:58:

Not being an attoprney this is a laymans view. In a Chapter 7 you can affirm a debt that would normally be liquidated. Secured or unsecured. They propbably want it re-affirmed so that they can send in a forgiveness of debt write off on their books. He gets stuck with the income and taxes due.

import · February 24, 2002, 10:47am

Posted by Art ffrom NC on February 24, 2002 at 11:47:12:

I an pursuing a short sale and one of the things my client’s lender is requesting is that the " customer must re-affirm on his bankruptcy".

Could someone please clearly define for me what this “re-affirm on his bankruptcy” means.

Thanks

Art