Certainly, a qualified and experienced St. Louis bankruptcy attorney can assist you in determining what is best for your situation, but ultimately, the decision is yours. The initial option is confirm. If you choose to reaffirm, you continue to make the same payments you've been making instead of eliminating the debt. For instance, if you decide to reaffirm your auto loan, you will continue to make your auto loan payments as before. In this scenario, if you fail to make your payments, the lender will still be able to seize your property.
Many individuals choose reaffirmation to retain their property in a Missouri or Illinois Chapter 7 proceeding. If, after paying off your other obligations, you can afford to continue making the payment, then good for you! However, if you believe the payment may still be difficult to make, you may wish to consider other options.
Another possibility is to redeem the property. Redeeming the property allows you to retain the property for the market value. If your automobile is worth $4,000 but you owe $6,000, you would pay the lender $4,000 and retain the vehicle.
This option sounds great because you can save several thousand dollars, but the payment must be made in a single sum, which is difficult for the majority of people. There are, however, some companies that offer redemption loans, which could save you the hassle of coming up with the cash yourself.
You also have the option to surrender the property. By relinquishing the property, you eradicate the obligation. This may not sound like an enticing alternative, but it may be a good idea. If you are having difficulty making your current payments, surrendering the property will release you from the obligation to repay the debt and allow you to start over. Your income is once again yours to keep.
The choice is yours, but it is usually fairly obvious what the most prudent and advantageous choice for your budget will be.""
" - https://www.affordablecebu.com/