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. This document also contains a declaration of attorney.
South Dakota Reaffirmation Agreement - Secured Debt
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South Dakota
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SD-BKR-801
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FAQ
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.
In Chapter 7 bankruptcy, nonpriority unsecured creditors are the last to get paid when money is available. They each receive a pro-rata share of the pool of funds. In Chapter 13 bankruptcy, the amount you pay general unsecured creditors depends on your nonexempt assets and disposable income.
Firstly, that debt can likely not be added to a Chapter 7 later for numerous reasons. The most obvious of these is that the debtor is barred from filing another bankruptcy for another 7 years. If you default on those payments then the creditor can repossess the property that secures the debt.
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.
Another type of debt you should never reaffirm is unsecured debts. An unsecured debt has no collateral that backs up the debt. A signature loan, a medical debt and credit card debt are examples of unsecured debts.
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.
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.
You cannot reaffirm any debt after your bankruptcy has been discharged. Bankruptcy law requires any reaffirmation to occur before the discharge is entered. In addition, the only reason to reaffirm is to persuade the mortgage company to report your ongoing payments to the credit bureaus.