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Redemption
Redemption will require you to have a certain amount of cash up front that you can put towards the balance. Redemption applies to cases where the property value has depreciated to lower than the amount of the loan. When this happens the creditor is considered under secured. Essentially, to redeem a debt, you make a payment of the current secured value of the debt.Reaffirmation
Another option for individuals filing for bankruptcy is a reaffirmation agreement. Reaffirmation agreements can be used on any type of property regardless of the value. Reaffirmation agreements do not require a lump sum payment. Rather, a reaffirmation agreement is an agreement to continue making payments under the original loan agreement despite the bankruptcy proceeding. After the bankruptcy the debtor is still financially responsible for the property and will be subject to repossession or foreclosure if the debtor is unable to remain current on the obligation.
Post a Comment to "Options for Property in Bankrtupcy"
To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."St. Charles Office
1861 Sherman Drive
St Charles, MO 63303
Phone: 636-916-5400
At Hwy 94 and Hwy 70.
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St. Louis Office
3470 Hampton Ave, Suite 101
St. Louis, MO 63109
Phone: 314-353-0834
Close to the corner of Hampton Ave and Chippewa. By appointment only.
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South & Jefferson County office
7321 S. Lindbergh Ave., Suite 222
St. Louis, MO 63125
Phone: 636-916-5400
Across the South County Mall.
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Florissant Office (North County)
1281 Graham Rd, Suite 300
Florissant, MO 63031
Phone: 314-921-1880
At North Hanley and Hwy 270.
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Belleville Office (St. Clair county)
2 Park Place Professional Centre
Belleville, Illinois 62226
Phone: 618-977-9560
On Hwy 159, next to Schnucks.
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Granite City Office (Madison County)
3600 Nameoki Rd, Suite 201
Granite City, IL 62040
Phone: 618-977-9560
Across Shop'n Save, by appointment only.
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