This form is a motion to approve a reaffirmation agreement and the form also contains an order. The debtor may use this form to request approval of the reaffirmation agreement. The court will either approve or deny the request.
Hawaii Motion for Approval of Reaffirmation Agreement
Category:
State:
Hawaii
Control #:
HI-BKR-801M
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Word;
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How to fill out Hawaii Motion For Approval Of Reaffirmation Agreement?
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FAQ
It is not possible to reaffirm the mortgage loan after the bankruptcy case has discharged and closed.Even if it was possible to reopen the bankruptcy case, vacate the discharge and reaffirm the debt, a bankruptcy judge in California is highly unlikely to sign the order reaffirming the debt.
Reaffirmation is voluntary Surrender may be the best thing if the car is simply too expensive or isn't reliable. You can choose to keep the car and continue paying without reaffirming. You take your chances that the lender will repossess the car, but you also keep the benefits of the bankruptcy discharge.
Either way - if the reaffirmation agreement is not approved, your personal liability is discharged. And - just like when the court denies approval of the reaffirmation - most lenders will simply keep everything the same, as long as you make timely payments and keep the vehicle insured.
But you have a very limited time to cancel the reaffirmation agreement. The deadline to cancel a reaffirmation agreement is the later of these two dates: 60 days after the date the agreement is filed with the Court; or 2022 the date the Bankruptcy Court issues a discharge in your case.
Reaffirmation agreements are strictly voluntary. A debtor is not required to reaffirm any of his or her debts. If a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.
By contrast, a reaffirmation agreement is a new contract. It's often on the same terms as the prior contract, but you can try to negotiate a new payment amount, interest rate, or some other provision.
Yes. You can cancel (or rescind) your reaffirmation agreement, even if a judge has already approved it. NOTE: WE STRONGLY RECOMMEND THAT YOU SPEAK WITH AN ATTORNEY TO ADVISE YOU ABOUT THE CONSEQUENCES OF CANCELLING A REAFFIRMATION AGREEMENT IN YOUR CASE.
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.
What Are the Requirements for a Valid Reaffirmation Agreement? You must be current on the loan you wish to reaffirm. Either your consumer bankruptcy lawyer or bankruptcy judge will have to approve of and sign-off on the reaffirmation terms. The terms must be construed as reasonable, relative to your case.