Get Bankruptcy B240A/B ALT 2011-2024

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.

Reaffirmation agreements must be signed before the debtor gets his discharge in the bankruptcy. That normally takes place about 60 days after the meeting of creditors. ... However, a minority line of courts has allowed the debtor to vacate the discharge and file a reaffirmation agreement.

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.

A reaffirmation agreement with a mortgage lender means you agree to keep up payments, and that the court will not discharge the loan. Since the lender will still have a lien on the property, however, you risk foreclosure if you cease payments after the bankruptcy, with or without a reaffirmation agreement.

The bankruptcy cancels your legal liability to pay on the car. ... Failing to complete the reaffirmation will allow the lender to repossess the vehicle after your bankruptcy is completed. If that does happen, you will not be liable for the remaining balance because you did not reaffirm the loan.

When you reaffirm a debt you essentially sign a new agreement that makes you personally liable on that loan again. This means that you are foregoing the benefit of your bankruptcy discharge on the reaffirmed debt. Reaffirming a debt should not taken lightly.

As a promise to pay that debt, a debtor must enter into a reaffirmation agreement with the creditor. Reaffirmations are voluntary and not required by law. It is recommended that the debtor carefully consider whether or not the agreed upon payments can be made before entering into a reaffirmation agreement.

Reaffirmation agreements are strictly voluntary. A debtor is not required to reaffirm any of his or her debts. ... There may be other ways to renegotiate payments with creditors without entering into a reaffirmation agreement. A creditor cannot compel you to enter into a reaffirmation agreement.

If no signed reaffirmation is filed, then the bankruptcy rules prevail -- and the creditor has the right to repossess collateral, as long as it's non-exempt property. If the court discharges the debt, then you can keep your property and no longer need to make payments.

Failure to Reaffirm a Loan If no signed reaffirmation is filed, then the bankruptcy rules prevail -- and the creditor has the right to repossess collateral, as long as it's non-exempt property. If the court discharges the debt, then you can keep your property and no longer need to make payments.

You may rescind (cancel) your reaffirmation agreement at any time before the bankruptcy court enters a discharge order, or before the expiration of the 60-day period that begins on the date your reaffirmation agreement is filed with the court, whichever occurs later.

Reaffirmation is the process wherein you agree to remain responsible for a debt so that you can keep the property securing the debt (collateral). You and the lender enter into a new contract usually on the same terms and submit it to the bankruptcy court.

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.

A reaffirmation agreement with a mortgage lender means you agree to keep up payments, and that the court will not discharge the loan. Since the lender will still have a lien on the property, however, you risk foreclosure if you cease payments after the bankruptcy, with or without a reaffirmation agreement.

The reaffirmation agreement re-establishes liability otherwise eliminated in the bankruptcy. And failing to make payments means the car will be repossessed, sold and you will be liable for any remaining balance. ... If that does happen, you will not be liable for the remaining balance because you did not reaffirm the loan.