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  • B240a/b Alt (form 240a/b Alt) (reaffirmation Agreement) (04/10)

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B240A/B ALT (Form 240A/B ALT) (Reaffirmation Agreement) (04/10) G Presumption of Undue Hardship G No Presumption of Undue Hardship (Check box as directed in Part D: Debtor?s Statement in Support of.

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How to fill out the B240A/B ALT (Form 240A/B ALT) (Reaffirmation Agreement) (04/10) online

This guide provides clear and comprehensive instructions for filling out the B240A/B ALT (Reaffirmation Agreement) (04/10) online. It is designed to assist users with all levels of legal experience in navigating the essential elements of this form.

Follow the steps to accurately complete the reaffirmation agreement.

  1. Click ‘Get Form’ button to obtain the form and open it in the editor.
  2. Begin with Part A: Disclosures, Instructions, and Notice to Debtor. Carefully read the disclosures provided, including the summary of the reaffirmation agreement and obligations associated with reaffirming a debt. Understand the terms before proceeding.
  3. In Part D: Debtor’s Statement, complete the necessary fields. Indicate whether the reaffirmation agreement will impose undue hardship. Write your monthly income, expenses, and ensure your financial situation allows for the payments required under the reaffirmed debt.
  4. Move to Part B: Reaffirmation Agreement. Fill in descriptions of the credit agreement and any changes made as part of the reaffirmation. Ensure all necessary signatures are provided.
  5. If applicable, complete Part C: Certification by Debtor’s Attorney. This is necessary only if an attorney represented you during the negotiation.
  6. If you were not represented by an attorney, navigate to Part E: Motion for Court Approval. Fill out the motion to seek court approval if required.
  7. Finally, review all sections for completeness and accuracy. Save your changes, download, or print the completed form as necessary. Ensure you share it with the appropriate parties.

Complete your reaffirmation agreement online today to manage your financial obligations effectively.

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Answer: An agreement by a chapter 7 debtor to continue paying a dischargeable debt (such as an auto loan) after the bankruptcy, usually for the purpose of keeping collateral (i.e. the car) that would otherwise be subject to repossession.

Lenders and banks absolutely want you to reaffirm your loans when you file bankruptcy. Why? Because if you default on your car loan 6 months or a year after your case is over, then they can repossess your car, and then sue you for the balance on the loan.

Reaffirmation agreements must be signed before the debtor gets his discharge in the bankruptcy. ... The debtor must then file a motion to reopen the bankruptcy case, then file a second motion to vacate the discharge, then file the reaffirmation agreement with the court. Most courts will not allow debtors to do this.

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.

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.

Yes. You can cancel (or rescind ) your reaffirmation agreement, even if a judge has already approved it. NOTE: WE STRONGLY RECOMMEND THAT YOU SPEAK WITH AN ATTORNEY TO ADVISE YOU ABOUT THE CONSEQUENCES OF CANCELLING A REAFFIRMATION AGREEMENT IN YOUR CASE.

Reaffirming Helps Rebuild Your Credit Since a bankruptcy wipes out the car loan but not the lender's security interest in the car, your car lender won't report your post-bankruptcy payments to any credit reporting agencies. ... If you reaffirm the loan, your lender will continue reporting payments.

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.

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.

When making an offer on a reaffirmation agreement, ask the lender to reduce the loan balance and the interest rate. Remember, this is a negotiation. You can expect the lender to come back with a counter offer. So, make your starting offer lower than the amount you are really willing to pay.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Privacy Notice
Legal Hub
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate WorkFlow
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232