Reaffirmation Agreement Form Chapter 7
Description
How to fill out Reaffirmation Agreement Form Chapter 7?
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FAQ
You and the lender enter into a new contractusually on the same termsand submit it to the bankruptcy court. Before you can enter into a reaffirmation agreement, you'll need to be current on the loan. Also, you must be able to protect all of the equity in the property with a bankruptcy exemption.
Reaffirmation agreements are entirely voluntary. No creditor can make you reaffirm a debt. This is because a reaffirmation goes against the most basic upside of filing bankruptcy: the fresh start. You cannot be sent to collections, sued, or garnished on a debt that was discharged in bankruptcy.
Reaffirmation is the process wherein you agree to remain responsible for a debt so that you can keep the property securing the debt (collateral). You and the lender enter into a new contractusually on the same termsand submit it to the bankruptcy court.
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).
The reaffirmation of mortgage debts is possible in Chapter 7 bankruptcy but it's not necessary. Learn what a reaffirmation agreement is how it affects your home mortgage.