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 To Withdraw Reaffirmation Agreement
Category:
State:
Kentucky
Control #:
KY-BKR-808E
Format:
Word;
PDF;
Rich Text
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The reaffirmation hearing Your personal liability on a secured debt that isn't reaffirmed will be discharged. Even if you default on payments later, the creditor won't be able to come after you for a deficiency balance.
CHAPTER 7 BANKRUPTCY: RESCINDING REAFFIRMATION AGREEMENT This means that your mortgage debt will not be discharged in the bankruptcy and you will be liable for the debt. But it also means that you will get to continue living in your house.
To cancel a reaffirmation agreement, you must notify the creditor. It is a good idea to notify the creditor in writing via certified mail with a return receipt postcard so you have proof that you have rescinded the agreement.
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.
When you reaffirm a debt, it means you enter into an agreement with your lender to continue to making payments on the account rather than including it in your bankruptcy.
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Discouraging abuse of reaffirmation agreement practices. Reaffirmation is a type of agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings.Can I Cancel a Reaffirmation Agreement? Canceling a reaffirmation agreement. They could enter into a reaffirmation agreement and immediately re-close their bankruptcy case.