✅People file bankruptcy in order to discharge their debts and get a fresh start in life. I have often called this “hitting the financial reset button.” However, many people here in New Jersey get scared or talked into something that can cause a real problem for them down the road: they reaffirm the mortgage or mortgages on their homes What is reaffirmation? Simply put, you list your debts in a bankruptcy in order to wipe them out in what is called a discharge. Reaffirming a debt is the action of taking the debt out of the bankruptcy discharge so it can never be wiped out. Although this is often done with car loans, as it is most often the only way to keep the vehicle once your case is over, it is a very bad idea when it comes to a home mortgage. This is because there is virtually no upside to doing it and many downsides. Learn more here.

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