A Reaffirmation Agreement is a legally binding contract that reaffirms a debtor's responsibility for a specific debt such as a mortgage, car loan, or credit card debt. By signing a Reaffirmation Agreement, the debtor agrees to continue making payments on the debt and acknowledges that the debt is still owed and that the creditor can take action to collect the debt, such as filing a lawsuit to obtain a judgment. There are two types of Reaffirmation Agreement: voluntary and court-ordered. A voluntary Reaffirmation Agreement is a contract that the debtor and creditor enter into on their own terms. A court-ordered Reaffirmation Agreement is a contract that is ordered by the court in a bankruptcy proceeding.
Reaffirmation Agreement
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US-B-2400AB-ALT
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Reaffirmation Agreement
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A reaffirmation agreement allows you to agree with a lender to keep your collateral after filing for bankruptcy. Common types of loans you may make a reaffirmation agreement for include home loans, auto loans or any other significant collateral you use regularly.
A reaffirmation of debt is helpful for individuals filing for bankruptcy who don't want to lose their home or car. By filing a reaffirmation of debt, they can continue to make regular payments without fear of losing their residence or vehicle in the Chapter 7 bankruptcy process.
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.
What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.
A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated the debt in your bankruptcy case. When you reaffirm a debt, you continue to be legally responsible for paying it back. This gives the creditor some legal rights.
1. I will have reaffirmed the excess loan amount that I received only after I sign and return this form to my loan holder and it is processed. 2. After I have reaffirmed the excess loan amount, my school will determine what types and amounts of federal student financial aid I am eligible to receive.
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Complete this form: or. 2. Agree to repay the excess according to the terms and conditions of your promissory note ("reaffirmation"), in which.If you want to reaffirm, review and complete the information contained in the Reaffirmation Agreement (Part I above). Reaffirmation Agreement. Download Form (pdf, 23. Agreeing to repay the excess loan amount in accordance with the terms of the promissory note is called "reaffirmation. The reaffirmation agreement allows you to keep the excess student loan funds and pay them back using the terms of the original promissory note. It's required for every reaffirmation agreement. The bank will complete questions 1 - 5 on the coversheet. Reaffirmation agreements are strictly voluntary.