How do I reaffirm my car loan?

To reaffirm a car loan, you must be able to show the court that the vehicle is necessary and that the payment is reasonable. You must also be able to show that the car payment isn't an undue hardship on your household (you'll still be able to afford the necessities of life). Effect of a reaffirmation agreement.

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Oklahoma Reaffirmation Agreement

Oklahoma Reaffirmation Agreement

Name: Oklahoma Reaffirmation Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.57 (332 reviews)

Category:

Oklahoma Bankruptcy - Reaffirmation

State:

Oklahoma

Control #:

OK-BKR-801E

Format:

Instant download

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Description

The reaffirmation agreement is used to reaffirm a particular debt. Once the debtor signs the agreement, the debtor gives up any protection of the bankruptcy discharge against the particular debt. The debtor is not required to enter into this agreement by any law.

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How to fill out Oklahoma Reaffirmation Agreement?

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FAQ

To reaffirm a car loan, you must be able to show the court that the vehicle is necessary and that the payment is reasonable. You must also be able to show that the car payment isn't an undue hardship on your household (you'll still be able to afford the necessities of life). Effect of a reaffirmation agreement.

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.

A reaffirmation must be filed with the Court before discharge. Once discharge has been entered, it is too late to reaffirm a debt. Theoretically you would have to reopen the bankruptcy, set aside your discharge, and then reaffirm the debt, then get your discharge reentered, and close the 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.

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.

If property is secured by debt, you can keep it by reaffirming the debt in Chapter 7. In a Chapter 7 bankruptcy, you must disclose whether you intend to keep or surrender (give back) certain properties such as your house or car.

Reaffirmation agreements, although required by the bankruptcy laws for every secured debt that the debtor will continue to pay, are often not necessary in practice. This is because the only penalty for failure to sign the reaffirmation is that the creditor might repossess the collateral securing the loan.

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.

Oklahoma Reaffirmation Agreement

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How to fill out Oklahoma Reaffirmation Agreement?

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FAQ

How do I reaffirm my car loan?

How do I reaffirm a debt in Chapter 7?

How do I reaffirm my mortgage after Chapter 7?

Does a creditor have to accept a reaffirmation agreement?

What happens if you don't sign a reaffirmation agreement?

What happens if you don't reaffirm your car loan?

Can you reaffirm a debt in Chapter 7?

Should I sign a reaffirmation agreement?

Can a debt be reaffirmed after discharge?

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