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Arizona Reaffirmation Agreement

Arizona Reaffirmation Agreement

Name: Arizona Reaffirmation Agreement
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.73 (473 reviews)

Category:

Arizona Bankruptcy - Federal - Official - District Court

State:

Arizona

Control #:

AZ-DC-215

Format:

Instant download

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Description

Reaffirmation Agreement The Arizona Reaffirmation Agreement is a legal document that allows a debtor to voluntarily reaffirm a debt that was included in a bankruptcy filing. It is used to maintain an existing debt obligation after the bankruptcy filing has been discharged. The agreement allows the debtor to keep the creditor’s lien on the property until the debt is paid off. There are two types of Arizona Reaffirmation Agreement: a voluntary agreement and an involuntary agreement. A voluntary agreement is entered into by the debtor and creditor in which the debtor agrees to pay the debt in full and keep the creditor’s lien on the property. An involuntary agreement is entered into by the creditor and a court order, in which the debtor agrees to pay the debt and the creditor agrees to release the lien. Both types of agreements must be approved by the court in order to be legally binding.

The Arizona Reaffirmation Agreement is a legal document that allows a debtor to voluntarily reaffirm a debt that was included in a bankruptcy filing. It is used to maintain an existing debt obligation after the bankruptcy filing has been discharged. The agreement allows the debtor to keep the creditor’s lien on the property until the debt is paid off. There are two types of Arizona Reaffirmation Agreement: a voluntary agreement and an involuntary agreement. A voluntary agreement is entered into by the debtor and creditor in which the debtor agrees to pay the debt in full and keep the creditor’s lien on the property. An involuntary agreement is entered into by the creditor and a court order, in which the debtor agrees to pay the debt and the creditor agrees to release the lien. Both types of agreements must be approved by the court in order to be legally binding.

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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.

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.

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.

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.

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.

What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.

More info

Complete this form: or. 2. Agree to repay the excess according to the terms and conditions of your promissory note ("reaffirmation"), in which.If you want to reaffirm, review and complete the information contained in the Reaffirmation Agreement (Part I above). Reaffirmation Agreement. Download Form (pdf, 23. Agreeing to repay the excess loan amount in accordance with the terms of the promissory note is called "reaffirmation. The reaffirmation agreement allows you to keep the excess student loan funds and pay them back using the terms of the original promissory note. It's required for every reaffirmation agreement. The bank will complete questions 1 - 5 on the coversheet. Reaffirmation agreements are strictly voluntary.

Arizona Reaffirmation Agreement

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What happens if creditor refuses reaffirmation agreement?

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