Save Signed Bankruptcy Agreement For Free

Reaffirmation agreements can be rescinded any time before the Court issues the discharge, or within 60 days after the agreement is filed with the Court, whichever is the later. Notice of the rescission must be given to the creditor.

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.

In bankruptcy, a reaffirmation is an agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy proceedings are over and the property subject to the reaffirmation is not subject to partition in the ...

If you reaffirm a debt, however, and something goes wrong and you cannot keep up with the payments, you no longer have that protection?you can now be sued or garnished. And you cannot file Chapter 7 bankruptcy again for eight years, so you have no legal protection against those actions.

The reaffirmation process lets you remain responsible for a debt, such as a car payment, and keep the car or other "collateral" property securing the debt.

Where Does A Reaffirmation Agreement Come From? Creditors holding a security interest that they want to protect post-bankruptcy will request that a Reaffirmation Agreement is signed. They will prepare it and provide it to your attorney's office for review.

If you want to file a reaffirmation agreement, your creditor will typically draw up an agreement using the same terms as the original loan. You can either accept the current terms or use it as an opportunity to negotiate better terms.