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Harrisburg Legal Blog

Should you reaffirm your car loan as part of a bankruptcy filing?

Filing Chapter 7 bankruptcy is an important, life-changing decision. However, other choices must be made as part of your debt discharge, one important one being what debts to discharge and what loans to reaffirm.

One of the assets many debtors want to keep is their cars. You may have to balance forfeiting the money paid towards the loan by surrendering it versus the vehicle selling at auction that prevents your lender from suing you for the deficiency.

Protect yourself financially during a divorce

No one would argue that divorce is difficult for everyone involved. It’s a very emotional time, there is an inordinate amount of stress, and that’s true even if the end of the relationship is reasonably amicable. However, marriages usually do not end on a friendly note. And even if things begin well, the situation often turns into War of the Roses when arrangements need to be made regarding alimony, assets, child support and custody, and visitation arrangements.

It must be remembered that a divorce isn’t just the end of a marriage. It’s also the end of a financial relationship. And opinions will most likely differ as to how everything should be sorted out. Therefore, it is wise to take steps to protect yourself financially during a divorce. What can you do to safeguard your financial assets?