A Vermont Reaffirmation Agreement is a legal document used to reaffirm the validity of a debt that is currently in bankruptcy proceedings. It is an agreement between a debtor and a creditor, typically arranged by the debtor’s attorney, that states the debtor will continue to make payments to the creditor despite the bankruptcy filing. With this agreement, the debtor is able to maintain the debt and avoid it being discharged. There are two types of Vermont Reaffirmation Agreements: voluntary and court-ordered. A voluntary agreement is when the debtor and creditor mutually agree to the terms of the agreement. Court-ordered agreements occur when the court requires the debtor to enter into the agreement.
Vermont Reaffirmation Agreement
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Reaffirmation Agreement
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FAQ
By the Court not approving the Reaffirmation Agreement, you will still receive a Discharge to the underlying debt! You merely continue to make the regular payments and the creditor is unable to repossess the collateral as there is no basis for repossession? just like if the Reaffirmation Agreement was approved.
Reaffirming a mortgage debt requires a comprehensive multi-page reaffirmation agreement that must be filed with the court. The reaffirmation agreement also requires the debtor's bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the client.
Reaffirmation agreements are voluntary, so you're not required to sign one. It's unnecessary to have one if you want to voluntarily repay a debt instead of including it in your bankruptcy.
Reaffirmation agreements are unnecessary: You can keep your home even if you don't reaffirm your mortgage. You can continue making your mortgage payments after bankruptcy and protect your home from foreclosure, even if you do not sign a reaffirmation agreement.
Creditors frequently do not automatically generate reaffirmation agreements. Sometimes creditors may not even file a reaffirmation agreement even after you have signed and returned the agreement to them.
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.
1) The Creditor Gives You a Better Deal One reason to sign a reaffirmation agreement would be because the creditor agrees to sweeten the pot and make it worthwhile for you to re-up on the secured debt. This could be done through a reduced interest rate or a reduction in the principal balance owed.
