When filing for bankruptcy, it`s important to understand the process of reaffirmation agreements and the timeline you have to file them. A reaffirmation agreement is a legal document that allows you to keep certain secured debts, like a house or a car, by agreeing to continue making payments on them.

So, how long do you have to file a reaffirmation agreement? The answer depends on the type of bankruptcy filing you`ve made.

In a Chapter 7 bankruptcy case, which is also known as a “liquidation” bankruptcy, you`ll need to file your reaffirmation agreement within 60 days of your first meeting of creditors. This meeting typically takes place about a month after you file for bankruptcy. If you don`t file a reaffirmation agreement within this time frame, the debt will be discharged and you`ll no longer be responsible for making payments.

In a Chapter 13 bankruptcy case, which is a reorganization bankruptcy, you`ll have more time to file a reaffirmation agreement. The bankruptcy court will usually approve your repayment plan within 45 days of your first meeting of creditors. You`ll then have until the end of your repayment plan to file a reaffirmation agreement. This can be anywhere from three to five years, depending on the terms of your plan.

It`s important to note that filing a reaffirmation agreement is voluntary. If you don`t want to keep the property securing the debt, you can simply allow it to be discharged in your bankruptcy case and surrender the property to the creditor.

However, if you do decide to file a reaffirmation agreement, you should make sure it`s in your best interest to do so. If you`re struggling to make payments on a secured debt, reaffirming the debt will require you to continue making payments, even if you`re facing financial difficulties down the road. Be sure to consult with a bankruptcy attorney before making any decisions about reaffirming your debts.

In summary, if you`re filing for bankruptcy and want to keep your secured property, you`ll need to file a reaffirmation agreement. Make sure to file it within 60 days of your first meeting of creditors in a Chapter 7 case, or before the end of your repayment plan in a Chapter 13 case. And always consult with an experienced bankruptcy lawyer before making any decisions about reaffirming your debts.