When you are entering into a Chapter 7 Bankruptcy you may have to make some decisions regarding some of these debts. Most likely some of what you owe may be secured debt while some others may be unsecured. Usually secured debt refers to some type of property like your house or car. Your Houston bankruptcy lawyer may discuss with you whether you want to reaffirm some of the secured property.
What reaffirmation means is that you agree to keep the debt, and that you will still owe on this debt even after the conclusion of the bankruptcy.
You need to give this some serious thought however, as any collateral held against the debt will still remain in place and is not discharged by the bankruptcy. You are at risk of repossession of the property if you are not able to keep up the payments. You will still be held responsible for the total debt even after the creditor has sold the property if the sale does not clear the amount owed. This can vary according to the different States in respect to what rules they have in place regarding deficiency balances.
The good aspect about reaffirmation is you get to keep the property provided you comply with the agreement. The bad aspect is you still have a debt following your bankruptcy. It may be that the results of the rest of your bankruptcy are going to put you in a better financial position so you are able to make the required payments on the reaffirmed debt.