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But if you do not reaffirm the loan at all, then your payments will not show up on your credit report at all; it will appear instead that the loan has been wiped out (discharged). 2) Invoices and Statements. If you do not reaffirm your loan, then your lender will not send out monthly loan statements.

You or your creditor must file with the court the original of this Reaffirmation Documents packet and a completed Reaffirmation Agreement Cover Sheet (Official Bankruptcy Form 27).

Rule 4004(c)(1)(K) accommodates this provision by delaying the entry of discharge where a presumption of undue hardship arises. However, in order for that rule to be effective, the reaffirmation agreement itself must be filed before the entry of discharge.

The agreement is voluntary for you and for the creditor—the creditor may refuse to offer a reaffirmation. All parties need to move quickly to get an agreement reviewed, signed, and filed.

The signed agreement must be filed with the court no later than 60 days after the first date set for the meeting of creditors, so that the court will have time to schedule a hearing to approve the agreement if approval is required.

Reaffirmation Provides Certainty Against Repossession If you don't sign a reaffirmation agreement, the lender can repossess your car after your case closes and the automatic stay lifts. Some car lenders are known to repossess the car immediately, even if you are current on payments.

If you want to file a reaffirmation agreement, you need to do so within 60 days of the first date of the meeting of creditors. Once you submit it, it must be accepted by the creditor. Once that happens, the court won't approve the agreement until you're eligible for immediate discharge.