The reaffirmation agreement is used to reaffirm a particular debt. Once the debtor signs the agreement, the debtor gives up any protection of the bankruptcy discharge against the particular debt. The debtor is not required to enter into this agreement by any law.
Reaffirmation Agreement Sample Withdraw
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State:
North Carolina
Control #:
NC-BKR-801E
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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.
Effect of a reaffirmation agreement. However, if you default on the payments, the lender can repossess it and sell it at auction, and you'll be responsible for any remaining balance due under the loan agreement (called a deficiency balance), as well as auction fees.
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.
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to notify the creditor in writing via certified mail with a return receipt postcard so you have proof that you have rescinded the agreement.
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The form for this is Form 240A Reaffirmation Agreement. Canceling a reaffirmation agreement.If you sign a reaffirmation agreement and change your mind about keeping the car, you can rescind (cancel) the agreement. Debtors seeking to cancel a reaffirmation agreement must file a notice of rescission with the court and notify the lender of the cancellation.