A Vermont Order on Reaffirmation Agreement (Alt.) is a legal document that is issued by the court to reaffirm a debt that was previously discharged in bankruptcy. It is used when a debtor wishes to keep an obligation that would normally be discharged in bankruptcy proceedings. A Vermont Order on Reaffirmation Agreement (Alt.) can be issued for any type of debt, such as a loan, credit card balance, or medical debt. There are two types of Vermont Order on Reaffirmation Agreement (Alt.): 1) Voluntary Reaffirmation and 2) Involuntary Reaffirmation. A voluntary reaffirmation is when the debtor and creditor enter into a voluntary agreement to reaffirm the debt. An involuntary reaffirmation is when the creditor asks the court to issue an order that the debt must be reaffirmed in order for it to remain in effect. A Vermont Order on Reaffirmation Agreement (Alt.) is typically issued when the debtor is in agreement with the creditor to reaffirm the debt.
Vermont Order on Reaffirmation Agreement (Alt.)
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FAQ
What Is Reaffirmation? Reaffirmation is a type of agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings. When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay.
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.
WHAT IS IT? A debtor may wish to pay a debt in order to keep an asset, even though that debt would otherwise be discharged in bankruptcy. For example, a debtor may wish to keep a vehicle. As a promise to pay that debt, a debtor must enter into a Reaffirmation Agreement with the creditor.
In order to be approved, a reaffirmation agreement must be reviewed by the Bankruptcy Court, and if you are represented by an attorney for the purposes of the reaffirmation, your attorney must certify that the agreement does not impose an ?undue hardship? on you or your dependents.
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.
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).
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.