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.
Tennessee Reaffirmation Agreement
Category:
State:
Tennessee
Control #:
TN-BKR-801W
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PDF;
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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.
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.
What Are the Requirements for a Valid Reaffirmation Agreement? You must be current on the loan you wish to reaffirm. Either your consumer bankruptcy lawyer or bankruptcy judge will have to approve of and sign-off on the reaffirmation terms. The terms must be construed as reasonable, relative to your case.
Yes. You can cancel (or rescind) your reaffirmation agreement, even if a judge has already approved it. NOTE: WE STRONGLY RECOMMEND THAT YOU SPEAK WITH AN ATTORNEY TO ADVISE YOU ABOUT THE CONSEQUENCES OF CANCELLING A REAFFIRMATION AGREEMENT IN YOUR CASE.
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.
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.
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.
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.
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.