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 Without Attorney
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State:
North Carolina
Control #:
NC-BKR-801E
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What Is Reaffirmation? 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. When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay.
Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.
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.
You can choose to keep the car and continue paying without reaffirming. You take your chances that the lender will repossess the car, but you also keep the benefits of the bankruptcy discharge.
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.
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Is it really necessary to sign the agreement? Completed attorney-certified reaffirmation agreement" where there is no presumption of undue hardship.52.Typically, a debtor may sign a reaffirmation agreement on either a car loan or mortgage. The reaffirmation will not cause undue hardship to the debtor or any of his or her dependents. Contact a Chicago Creditor's Rights Lawyer. You do not have to sign reaffirmation agreements in many cases.