What is a mortgage reaffirmation agreement?

A reaffirmation agreement allows you to agree with a lender to keep your collateral after filing for bankruptcy. Common types of loans you may make a reaffirmation agreement for include home loans, auto loans or any other significant collateral you use regularly.

Who files a reaffirmation agreement?

After you have entered into a reaffirmation agreement and all parts of this form that require a signature have been signed, either you or the creditor should file it as soon as possible.

What happens if I dont reaffirm my car loan?

Many lenders will require you to enter into a reaffirmation agreement if you intend to keep the vehicle. If you do not reaffirm, they can repossess the vehicle. Reaffirmation is the process where you agree to pay the debt by writing a new contract with the lender and submit it to the bankruptcy court for approval.

Can you reaffirm in a Chapter 13?

Occasionally, a Chapter 13 debtor wishes to or is asked to reaffirm a debt which has been discharged following the successful completion of a case. You do not have to reaffirm any discharged debts.

How do I reaffirm my car loan?

To reaffirm a car loan, you must be able to show the court that the vehicle is necessary and that the payment is reasonable. You must also demonstrate that the car payment isn't an undue hardship on your household and that you'd be able to afford the necessities of life.

Why might someone choose to reaffirm a particular debt?

When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay. By entering into a reaffirmation agreement, a borrower often maintains possession of an asset held as collateral such as a home or a car, as long as they can fully repay the debt owed on that particular loan.

Does reaffirming help credit?

Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.

How do I reaffirm my loan?

Agreeing to repay the excess loan amount in ance with the terms of the promissory note is called reaffirmation. You can reaffirm an excess loan amount by signing a reaffirmation agreement with your loan servicer.

Get B2400a Form B2400a 12 15 2015-2024

T.) UNITED STATES BANKRUPTCY COURT District of In re , Debtor Case No. Chapter REAFFIRMATION AGREEMENT Indicate all documents included in this filing by checking each applicable box. G Part A: Disclosures, Instructions, and Notice to Debtor (pages 1 - 5) G Part D: Debtor s Statement in Support of Reaffirmation Agreement G Part B: Reaffirmation Agreement G Part E: Motion for Court Approv.

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