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.
Idaho Reaffirmation Agreement
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Idaho
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ID-BKR-801
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FAQ
A reaffirmation agreement needs to be filed with the court to show written acceptance of the new debt. These agreements are generally drafted and filed by counsel for the creditor.
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.
Debts arising out of willful and malicious damage to property. debts used to pay nondischargeable tax obligations.
Reaffirming Helps Rebuild Your Credit So timely payments won't help you establish a good credit history after bankruptcy. If you reaffirm the loan, your lender will continue reporting payments.
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.
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.
Alimony and child support. Certain unpaid taxes, such as tax liens. Debts for willful and malicious injury to another person or property. Debts for death or personal injury caused by the debtor's operation of a motor vehicle while intoxicated from alcohol or other substances.
In a Chapter 13 case, the debtor can reaffirm debt,1 but more likely the debtor will use the special powers contained in 11 U.S.C. ? 1322 and 1325 to modify and restructure debt consistent with the debtor's budget.
It is not possible to reaffirm the mortgage loan after the bankruptcy case has discharged and closed.Even if it was possible to reopen the bankruptcy case, vacate the discharge and reaffirm the debt, a bankruptcy judge in California is highly unlikely to sign the order reaffirming the debt.