Get the free agreement form reaffirmation 2011-2021

Who Needs Reaffirmation Agreement?

Reaffirmation Agreement is a contract between a creditor and a debtor ?included after a bankruptcy case. The agreement must also be signed by the lawyer and filed with the court.   

What is Reaffirmation Agreement for?

The agreement allows a debtor to continue business relationship or keep the property that was put as security for the debt. Although secured debts are also canceled after an individual files for bankruptcy, a creditor still has right to sell collateral property. To avoid it, an individual can enter into reaffirmation agreement with a lender. However, there are some disadvantages of such an agreement. First, if an individual keeps the debt and isn’t able to pay it off, a creditor can repossess the property. Secondly, after an individual has filed for bankruptcy they will have to wait for eight years before they are able to cancel the debt under Chapter 7. So, consider entering into reaffirmation agreement:

• If the property you’d like to keep is of great importance to you
• If you don’t have enough money to redeem the property
• If a creditor agrees to accept the property at its face value to cover the whole debt.

Is Reaffirmation Agreement Accompanied by Other Forms?

Besides reaffirmation agreement you must fill out two court forms, Form 27 and Form 240A.

When Is Reaffirmation Agreement Due?

Generally, reaffirmation agreement is filed with the court before an individual legally becomes bankrupt.  

How Do I Fill out Reaffirmation Agreement?

Reaffirmation agreement is nine pages long. It is split into several parts each marked with a letter. Part A accounts for instructions and notices for a debtor. Part B is an actual reaffirmation agreement signed by the debtor and a creditor. Part C is for certification by debtor’s attorney. In Part D a debtor makes statement to support reaffirmation agreement. Finally, Part E stands for the motion of court approval.

Where Do I Send Reaffirmation Agreement?

Reaffirmation agreement is filed with the court where the hearing takes place and then send to the creditor. Its copy is kept by the debtor for the records.

Good afternoon this is Roger guide chapter 7 attorneys calm I wanted to talk this afternoon about a topic matter that often comes up with clients and that is the reaffirmation agreements and what they are a reaffirmation agreement relates to secured property that is for example property that the creditor can take back in case you don't pay them for example furniture if you're still paying on furniture or a vehicle or home things of that nature it could be a motorcycle could be a boat could be something like that but a reaffirmation agreement within the context of bankruptcy law is really a's a new contract and if you do have secured property that you are trying to keep in a bankruptcy case you're going to have to sign a reaffirmation agreement with the credit or in order to be able to keep that and the in the next step is after it has been signed is that that agreement then is filed with the bankruptcy court it's part of the permanent bankruptcy record of your bankruptcy case and that contract actually survives the bankruptcy and what that means is this after you get your discharge your chapter 7 bankruptcy discharge you cannot get out of that contract with that creditor they can sue you they can garnish you they can collect they can do all that collection activities if is you do not honor that contract after you have been discharged from your chapter 7 bankruptcy, so you want to make sure that you can afford actually whatever that a payment is going to be each month on that property otherwise you're going to be in a similar that you were in prior to filing the bankruptcy the other thing is to that the lawyer has to agree your bankruptcy lawyer has to agree and sign off on that reaffirmation agreement probably the courts not going to prove it in fact in the Raymond decision what happened was the clients had wanted to reaffirm they wanted to keep their vehicle they wanted to continue to make payments on that vehicle after they got out of their bankruptcy the problem was that the vehicle is worth about five thousand dollars and that the agreement that they were going to be signing called for them to make payments are obligated them to make payments of about eight thousand dollars and so in the Raymond case the bankruptcy lawyer would not sign off on it and the result was that the judge also would not approve even though the Raymond's had signed it even though the creditor had signed it the fact that their attorney did not sign it was a reason that allowed the judge to not approve the agreement and so the is a real simple process typically these agreements are approved by the court typically your lawyer will go ahead and sign off on the agreement but every now, now then you're going to run into an issue where the lawyer might not admit that's sort of the result if you have any questions about reaffirmation agreements or any other bankruptcy questions in general please call me I'm available at seven zero seven nine to 1000 and I have 11 Metro the...