The Bronx Reaffirmation Agreement, Motion, and Order are legal proceedings and documents commonly used in the Bronx, New York. These procedures are executed in various types of cases and legal matters to further judicial processes, settlement negotiations, or the reaffirmation of agreements. Here is a detailed description and explanation of each term: 1. Reaffirmation Agreement: A Bronx Reaffirmation Agreement is a legally binding contract between a debtor and a creditor in bankruptcy cases. Typically, used in Chapter 7 bankruptcy proceedings, a reaffirmation agreement allows debtors to maintain ownership of specific assets, such as a car or a house, and continue making payments on those assets despite their bankruptcy status. This agreement confirms the debtor's intention to repay the debt as per the original terms and prevents the creditor from repossessing the property in question. 2. Motion: A motion is a formal request made to the court during legal proceedings. In the context of Bronx, New York, a motion can be filed by either the plaintiff or the defendant to request a specific action or decision from the court. For example, a debtor may file a motion to have a certain debt excluded from their reaffirmation agreement, or a creditor may file a motion to challenge the debtor's financial disclosure. Motions can cover a wide range of issues and are fundamental in moving the legal process forward. 3. Order: An order is a formal written directive issued by a judge, magistrate, or court official that outlines the decision or ruling on a motion, request, or other legal matter. In the Bronx, New York, an order is often issued following the court's consideration of various motions and arguments put forth by all parties involved. For example, an order can grant or deny a motion to reaffirm a debt, modify the terms of a reaffirmation agreement, or establish specific guidelines for the parties involved in a bankruptcy case. It is important to note that there might be various types of reaffirmation agreements, motions, and orders, depending on the specific nature of the legal case or proceedings. Each case can present unique circumstances, and the content of these documents can vary accordingly. It is recommended that individuals seeking information or assistance consult with legal professionals experienced in Bronx, New York law to ensure they are fully informed and comprehend the specifics of their situation.
Bronx New York Reaffirmation Agreement, Motion and Order
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FAQ
An executed reaffirmation agree- ment may be filed by any party, including the debtor or a creditor. It must be filed within 60 days after the first date set for the first meeting of creditors in the bankruptcy case unless the deadline is extended by the bankruptcy court.
If the debt you have is secured, meaning it uses your home or vehicle as collateral, and you want to maintain possession of that collateral, a reaffirmation agreement stops you from losing it through repossession or foreclosure. It can also help reduce the damage bankruptcy will have to your credit score.
Can you file a reaffirmation agreement after discharge? Once a discharge order has been entered in your bankruptcy case, you can no longer reaffirm any of the debts that were included in the discharge agreement. The same goes for if your case has been closed by the court.
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.
A lender may offer you a chance to reaffirm the loan because it would prefer you to continue paying back the loan. 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.
The truth is that you do NOT have to reaffirm your loan to refinance. There is no law that says anything like that. The hurdle is not a law, it is just the bank's policy. They may have chosen not to offer to refinance to people who chose not to reaffirm.
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.
Reaffirming the debt gives it new life -- you're once again legally obligated to pay it. If you don't make the mortgage payments, the lender can foreclose and your bankruptcy won't stop this from happening.
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.
Reaffirmation agreements, although required by the bankruptcy laws for every secured debt that the debtor will continue to pay, are often not necessary in practice. This is because the only penalty for failure to sign the reaffirmation is that the creditor might repossess the collateral securing the loan.