Indiana Reaffirmation Documents are legal documents that are used to reaffirm a debt that has been discharged in bankruptcy. This type of document is used by debtors in the state of Indiana who have had their debts discharged in bankruptcy and are now looking to pay back a portion of the original debts. There are two types of Indiana Reaffirmation Documents: a Reaffirmation Agreement and a Motion to Reaffirm Debt. The Reaffirmation Agreement is a written contract between the debtor and the creditor that outlines the terms of the repayment plan. The Motion to Reaffirm Debt is a court filing that states the debtor's intent to pay back the debt in question. By signing a Reaffirmation Agreement or filing a Motion to Reaffirm Debt, the debtor agrees to pay back the debt in full and resumes all the original obligations associated with the debt.
Indiana Reaffirmation Documents
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How to fill out Indiana Reaffirmation Documents?
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FAQ
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.
If you want to request a reaffirmation agreement, you must agree after filing for bankruptcy but before any collateral is discharged to the lender. An agreement is filed by submitting a Statement of Intent to the court. Then, you must also send the Statement of Intent to the lender.
For example, if a replacement used car costs $5,000 at a 5% interest rate and the reaffirmation agreement would require the debtor to pay $6,000 at a 5% interest rate or $5,000 at a 6% interest rate, then the debtor should not enter into the reaffirmation agreement.
Reaffirming a mortgage debt requires a comprehensive multi-page reaffirmation agreement that must be filed with the court. The reaffirmation agreement also requires the debtor's bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the client.
A reaffirmation agreement is a legally-binding document that establishes the legal obligations of a borrower to repay some or all of it during bankruptcy.
A reaffirmation agreement is an agreement by which a bankruptcy debtor becomes legally obligated to pay all or a portion of an otherwise dischargeable debt.
To ensure that creditors do not defraud their debtors, reaffirmation agreements must be: In writing; Filed with the court; and. Certified by the debtor's attorney.