This form, a Reaffirmation Agreement, is for use in a federal bankruptcy proceeding in the designated state and district. Available in Word or pdf format.
Missouri Reaffirmation Agreement
Category:
State:
Missouri
Control #:
MO-BKR-801W
Format:
Word;
PDF;
Rich Text
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FAQ
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.
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.
Reaffirmation is the process wherein you agree to remain responsible for a debt so that you can keep the property securing the debt (collateral). You and the lender enter into a new contractusually on the same termsand submit it to the bankruptcy court.
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.
A reaffirmation agreement can be advantageous to you because: You will keep the vehicle; You may be able to negotiate more favorable terms for the loan; and. Paying the loan can help rebuild your credit rating after bankruptcy.
Yes, you can sell the home. The effect of no reaffirmation is that you do not have a personal obligation to pay the mortgage. You still are the titled owner and the mortgage is still a lien on the property so it must be paid in order to sell the property.
If you do not reaffirm the mortgage, your personal liability for paying the debt represented by the promissory note is discharged in your bankruptcy case.The company can foreclose the mortgage and force a foreclosure sale if you stop making payments.
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.
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.