A Minnesota Reaffirmation Agreement is a legally binding document that allows an individual to voluntarily reaffirm a debt that was previously discharged in a bankruptcy. This type of agreement is commonly used when an individual wants to keep a secured asset, such as a car or home, that is subject to a loan. The Minnesota Reaffirmation Agreement must be approved by the bankruptcy court and the individual must demonstrate that he/she can afford the payments. The agreement must be filed with the court prior to the discharge of the debtor's bankruptcy. There are two types of Minnesota Reaffirmation Agreements: the Standard Reaffirmation Agreement and the Limited Reaffirmation Agreement. The Standard Reaffirmation Agreement requires the debtor to continue making the same payments as before the bankruptcy was filed. The Limited Reaffirmation Agreement allows the debtor to make reduced payments, which will be reflected in the agreement.
A Minnesota Reaffirmation Agreement is a legally binding document that allows an individual to voluntarily reaffirm a debt that was previously discharged in a bankruptcy. This type of agreement is commonly used when an individual wants to keep a secured asset, such as a car or home, that is subject to a loan. The Minnesota Reaffirmation Agreement must be approved by the bankruptcy court and the individual must demonstrate that he/she can afford the payments. The agreement must be filed with the court prior to the discharge of the debtor's bankruptcy. There are two types of Minnesota Reaffirmation Agreements: the Standard Reaffirmation Agreement and the Limited Reaffirmation Agreement. The Standard Reaffirmation Agreement requires the debtor to continue making the same payments as before the bankruptcy was filed. The Limited Reaffirmation Agreement allows the debtor to make reduced payments, which will be reflected in the agreement.
