Reaffirmation Agreement Attorneys Fees: What You Need to Know
If you`re struggling with debt and considering bankruptcy, you may have heard of a reaffirmation agreement. This legal document allows you to keep certain assets, such as a car or home, but continue to make payments on them as normal. However, there are certain fees involved in the reaffirmation process, including attorneys fees. Here`s what you need to know.
What is a reaffirmation agreement?
A reaffirmation agreement is an agreement between you and a creditor that you will continue to pay off a debt in exchange for keeping an asset, such as a car or home. This is typically done during a bankruptcy case. By signing a reaffirmation agreement, you are reaffirming your commitment to the debt and agreeing to pay it off.
Why do you need an attorney for a reaffirmation agreement?
Reaffirmation agreements can be complex legal documents. They require careful consideration of your debt situation and your ability to repay the debt. An attorney can help you understand the terms of the agreement and ensure that it is in your best interest. Additionally, if you`re facing debt problems, an attorney can help you explore other options, such as debt negotiation or a Chapter 13 bankruptcy, which may be a better option for your situation.
What are the attorneys fees for a reaffirmation agreement?
Attorneys fees for a reaffirmation agreement can vary depending on the complexity of the case and the attorney`s experience. Generally, you can expect to pay several hundred dollars to have an attorney review and negotiate a reaffirmation agreement. However, this cost may be well worth it if it means keeping your home or car.
It`s important to note that if you`re filing for bankruptcy, your attorney fees for the reaffirmation agreement may be included in your bankruptcy case fees. Be sure to discuss this with your attorney before agreeing to any fees.
How to find a reaffirmation agreement attorney
If you`re considering a reaffirmation agreement, it`s important to find an attorney who is experienced in bankruptcy law and has a good track record in this area. You can start by asking for recommendations from friends or family members who have gone through the bankruptcy process. You can also search online for attorneys in your area who specialize in bankruptcy law. Be sure to read reviews and check their credentials before hiring an attorney.
A reaffirmation agreement can be a helpful tool for keeping your assets while still repaying your debts. However, it`s important to understand the legal process involved and the fees you`ll need to pay, including attorneys fees. By working with an experienced attorney, you can ensure that you`re making the best decisions for your financial situation.