A Texas Order on Reaffirmation Agreement is a legally binding court order that allows a debtor to reaffirm their debt to a creditor. This type of agreement allows debtors to keep certain secured debts, such as a mortgage or car loan, even if they have filed for bankruptcy. The order is issued by a bankruptcy court in the state of Texas and is used to protect the creditor’s interest in the debt. There are two types of Texas Order on Reaffirmation Agreement: Voluntary Reaffirmation and Involuntary Reaffirmation. A Voluntary Reaffirmation Agreement is an agreement between the debtor and the creditor in which the debtor agrees to continue making payments on the debt. An Involuntary Reaffirmation Agreement is an agreement between the debtor and the bankruptcy court in which the court orders the debtor to continue making payments on the debt. Both types of agreements require the debtor to provide evidence that they have the financial means to make the payments and that the reaffirmation of the debt is in the debtor’s best interests.
Texas Order on Reaffirmation Agreement
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How to fill out Texas Order On Reaffirmation Agreement?
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FAQ
By the Court not approving the Reaffirmation Agreement, you will still receive a Discharge to the underlying debt! You merely continue to make the regular payments and the creditor is unable to repossess the collateral as there is no basis for repossession? just like if the Reaffirmation Agreement was approved.
You or your creditor must file with the court the original of this Reaffirmation Documents packet and a completed Reaffirmation Agreement Cover Sheet (Official Bankruptcy Form 27).
Reaffirmation agreements are voluntary, so you're not required to sign one. It's unnecessary to have one if you want to voluntarily repay a debt instead of including it in your bankruptcy.
If you choose not to reaffirm, your lender will not report any of your home payments to the credit agencies. This is because your account no longer legally exists because you did not reaffirm, and there is, essentially, nothing to report. This can make it challenging to repair your credit post-bankruptcy.
Creditors frequently do not automatically generate reaffirmation agreements. Sometimes creditors may not even file a reaffirmation agreement even after you have signed and returned the agreement to them.
If the reaffirmation agreement is not filed with the bankruptcy court prior to the discharge date, it may be ineffective and the bankruptcy court can deny approval of the reaffirmation agreement altogether. It is totally voluntary that a debtor and creditor sign a reaffirmation agreement.
To ensure that creditors do not defraud their debtors, reaffirmation agreements must be: In writing; Filed with the court; and. Certified by the debtor's attorney.
If the reaffirmation agreement is not filed with the bankruptcy court prior to the discharge date, it may be ineffective and the bankruptcy court can deny approval of the reaffirmation agreement altogether.