An Indiana Reaffirmation Agreement is a legal document used in the state of Indiana when a borrower wishes to reaffirm a debt or obligation that would have otherwise been discharged in a bankruptcy proceeding. In general, a Reaffirmation Agreement is a written agreement between a debtor and a creditor, in which the debtor agrees to continue to be liable for a specific debt that would otherwise have been discharged. This agreement allows the debtor to keep the property associated with the debt and remain liable for any payments due on the debt. There are two types of Indiana Reaffirmation Agreements: voluntary and court-ordered. A voluntary agreement is one in which both the debtor and creditor agree to the terms, and is typically the most common type of Reaffirmation Agreement. A court-ordered agreement, however, is one in which the court orders the debtor to enter into a Reaffirmation Agreement with a creditor. Both types of Reaffirmation Agreements must be approved by the court and require the debtor to demonstrate that the agreement is in their best interests.
Indiana Reaffirmation Agreement
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How to fill out Indiana Reaffirmation Agreement?
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FAQ
If the reaffirmation agreement is not filed with the bankruptcy court prior to the discharge date, it may be ineffective and the bankruptcy court can deny approval of the reaffirmation agreement altogether. It is totally voluntary that a debtor and creditor sign a reaffirmation agreement.
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.
If the reaffirmation agreement is not filed with the bankruptcy court prior to the discharge date, it may be ineffective and the bankruptcy court can deny approval of the reaffirmation agreement altogether.
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.
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.
If you choose not to reaffirm, your lender will not report any of your home payments to the credit agencies. This is because your account no longer legally exists because you did not reaffirm, and there is, essentially, nothing to report. This can make it challenging to repair your credit post-bankruptcy.
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.