The Indiana Order on Reaffirmation Agreement (Alt.) is an order issued by the court in Indiana that allows a debtor in bankruptcy to reaffirm a debt. This order can be used to renegotiate the terms of a debt with a creditor, such as the amount of the monthly payments, the interest rate, or the length of the loan. It also allows for a waiver of certain rights the debtor has under the bankruptcy code, such as the right to discharge the debt. There are two types of Indiana Order on Reaffirmation Agreement (Alt.): a voluntary order, which is entered into by agreement between the debtor and the creditor, and a judicial order, which is entered by the court after a hearing. In either case, the order must be approved by the court before it becomes effective.
Indiana Order on Reaffirmation Agreement (Alt.)
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How to fill out Indiana Order On Reaffirmation Agreement (Alt.)?
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FAQ
A reaffirmation agreement is a new contract with the lender that says you'll be responsible for the debt on your car and the lien will stay in place, even though your other debts are being discharged in bankruptcy. Most lenders will require a reaffirmation agreement if you want to keep your car.
If you reaffirm a debt and then fail to pay it, you owe the debt the same as though there was no bankruptcy. The debt will not be discharged, and the creditor can take action to recover any property on which it has a lien or mortgage. The creditor can also take legal action to recover a judgment against you.
The deadline to cancel a reaffirmation agreement is the later of these two dates: 60 days after the date the agreement is filed with the Court; or ? the date the Bankruptcy Court issues a discharge in your case.
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.
A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated the debt in your bankruptcy case. When you reaffirm a debt, you continue to be legally responsible for paying it back. This gives the creditor some legal rights.
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.
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.