IS IT LIKELY THAT MY CREDIT UNION WILL ACCEPT A REAFFIRM ON MY CHAP 7 AND DOES THE REAFFIRM ALLOW FOR A PERCENT OF THE BALANCE

What type of debt are you trying to reaffirm? If you are current on the payments the credit union should allow you to reaffirm (however, that does not mean it is the best decision to reaffirm). If you add additional details to your question, you will get a more fruitful answer to your question.

If you are current with the payments and it is for a car loan than most likely the credit union will let you reaffirm the debt. Creditors love reaffirmation agreements because it holds you responsible for the debt if you default in the future even though you filed for a chapter 7. The more pertinent question is why would you want to reaffirm the debt? There really isn't any benefit to you doing so unless they are saying filing for bankruptcy is a default and they will repossess the vehicle. Another issue to consider is whether the credit union is listed as a creditor in your petition for other debt as well. Credit union can have special rights, including what is called a set off, where they may be able to freeze money from one account to satisfy debt from another account with the court's permission. If this is the case then you may want to consider putting your money into another non-credit union bank.

You wrote, "IS IT LIKELY THAT MY CREDIT UNION WILL ACCEPT A REAFFIRM ON MY CHAP 7?" A: Yes. They want your principle & interest: not your vehicle.

Most creditors will accept a reaffirmation agreement on the same terms as the original agreement. However, many creditors will agree to a modification of the interest rate and other terms in order to obtain your signature on the agreement. In the case of vehicle loan, some creditors require you to reaffirm the debt in order to keep the vehicle. Many others will simply accept the payments and allow you to keep the vehicle without a reaffirmation agreement. (The lender retains a security interest in the vehicle, and may still repossess if you cannot pay.) There are advantages and disadvantages to signing a reaffirmation agreement. On the positive side,your payments will be reported to the credit bureaus, which will improve your credit rating (assuming you are able to make timely payments). However, this is often outweighed by the fact that you will be on the hook for the loan you reaffirmed, if you are unable to pay at some point down the road. Moreover, you do not want to reaffirm what was a bad deal in the first place. Bankruptcy should be a fresh start, so you must weigh the options carefully. A bankruptcy attorney can advise you about the potential consequences reaffirming this debt.