North Carolina Reaffirmation Agreement, Motion and Order
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How to fill out Reaffirmation Agreement, Motion And Order?
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FAQ
A reaffirmation agreement allows you to retain a specific asset (commonly a house or car) during bankruptcy in exchange for agreeing to pay the outstanding debt. If you would like to request a reaffirmation agreement, you must submit a Statement of Intent to the court and contact the lender to establish terms.
What Is Reaffirmation? Reaffirmation is a type of agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings. When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay.
Example of Reaffirmation He has depleted his savings and is unable to make his mortgage payments. John arranges with his mortgage company a reaffirmation that is approved in court. He reaffirms the debt he owes on the home mortgage, with a chance to renegotiate payments with the lender.
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.
You may rescind (cancel) your Reaffirmation Agreement at any time before the bankruptcy court enters your discharge, or during the 60-day period that begins on the date your Reaffirmation Agreement is filed with the court, whichever occurs later.
In bankruptcy, a reaffirmation is an agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy proceedings are over and the property subject to the reaffirmation is not subject to partition in the ...
Making a reaffirmation agreement can be helpful if you want to stay in your home or you need to keep driving your car during a bankruptcy settlement. However, this type of agreement means you are still responsible for some sort of payment on the loan.
Creditors holding a security interest that they want to protect post-bankruptcy will request that a Reaffirmation Agreement is signed. They will prepare it and provide it to your attorney's office for review.