Indiana Motion For Approval of Reaffirmation Agreement is a legal document used in Indiana to request the court’s approval of a reaffirmation agreement between a debtor and a creditor. This motion is typically filed by the debtor and is used in bankruptcy proceedings to confirm an existing debt agreement between the debtor and creditor. The motion should include relevant information about the debt, the reaffirmation agreement, and the debtor’s financial situation. There are two types of Indiana Motion for Approval of Reaffirmation Agreements: a voluntary reaffirmation agreement and a non-voluntary reaffirmation agreement. A voluntary agreement is an agreement between the debtor and creditor that was entered into before the bankruptcy filing, while a non-voluntary agreement is an agreement between the debtor and creditor that was entered into after the bankruptcy filing.
Indiana Motion For Approval of Reaffirmation Agreement
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How to fill out Indiana Motion For Approval Of Reaffirmation Agreement?
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FAQ
Yes. You can cancel (or ?rescind?) your reaffirmation agreement, even if a judge has already approved it. NOTE: WE STRONGLY RECOMMEND THAT YOU SPEAK WITH AN ATTORNEY TO ADVISE YOU ABOUT THE CONSEQUENCES OF CANCELLING A REAFFIRMATION AGREEMENT IN YOUR CASE.
To ensure that creditors do not defraud their debtors, reaffirmation agreements must be: In writing; Filed with the court; and. Certified by the debtor's attorney.
If I deny the motion to reaffirm the debt, you are under no legal responsibility to pay the creditor, but the creditor can seek to repossess the collateral (if there is any). However the creditor cannot obtain a judgment against you for the amount you owe on this debt.
Given these significant consequences, you must make sure that you understand the terms of a reaffirmation agreement before signing, including (1) the amount that you will owe, (2) the timing of the payments and (3) any right the creditor may have to take away the property if you fail to make payment.
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.
A reaffirmed debt remains your personal legal obligation to pay. Your reaffirmed debt is not discharged in your bankruptcy case. That means that if you default on your reaffirmed debt after your bankruptcy case is over, your creditor may be able to take your property or your wages.
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 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.