Lindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Lindsay VanSomeren ContributorLindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Written By Lindsay VanSomeren ContributorLindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Lindsay VanSomeren ContributorLindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
Contributor Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Michael Benninger Managing EditorWith more than 15 years of experience crafting content about all aspects of personal finance, Michael Benninger knows how to identify smart moves for your money. His work has been published by Intuit, Insider and the Los Angeles Times, and he's been.
Updated: Dec 27, 2022, 9:23am
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Over 360,000 American filed for Chapter 7 bankruptcy in 2020. In Chapter 7 bankruptcy, a court-appointed trustee sells any assets that don’t fall under your state’s bankruptcy exemption laws, and the funds are used to repay your creditors. This is a problem if you have an asset—such as a car or a house—that you want to keep.
However, you can keep those assets if you sign a reaffirmation agreement, which is a formal agreement between you and your creditors that you file with the court. By doing so, you agree to exclude that particular debt from your Chapter 7 bankruptcy so you can pay it off as scheduled.
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ContributorLindsay VanSomeren is a personal finance writer based out of Kirkland, Washington. Her work has appeared on Business Insider, Credit Karma, LendingTree, and more.
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