This form, a Motion to Approve Reaffirmation Agreement, is for use in a federal bankruptcy proceeding in the designated state and district. Available in Word or pdf format.
Motion For Approval Of Reaffirmation Agreement
Category:
State:
Kentucky
Control #:
KY-BKR-808E
Format:
Word;
PDF;
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If the Court denies the reaffirmation agreement, you are in technical default again. This is part of the trade2010off between Chapters 7 and 13. In exchange for a quick, efficient, inexpensive discharge of your debts, you give up control over the actions of creditors.
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.
A reaffirmation agreement shall be filed no later than 60 days after the first date set for the meeting of creditors under §341(a) of the Code.
Reaffirmation is an agreement by a debtor, to a lender, to repay some or all of their debt. Debtors make reaffirmation agreements purely voluntarily. When a borrower reaffirms a debt, this is noted by credit reporting agencies, which then register that the person will make regular on-time 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. You'd also still be liable for any deficiency balance after the property's sale.
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The lender will sign the agreement and file it with a motion at the court. The motion asks the court to approve the agreement.In Chapter 7 bankruptcy, one way to keep the property is to reaffirm the debt. A reaffirmation agreement is a legally-binding document that establishes the legal obligations of a borrower to repay some or all of it during bankruptcy. UNITED STATES BANKRUPTCY COURT ______ District of ______ In re. ,. Case No. Debtor Chapter________________. If the debtor decides to reaffirm a debt, he or she must do so before the discharge is entered. Download Fillable Form 2400b In Pdf - The Latest Version Applicable For 2022.