A Kentucky Reaffirmation Agreement is an agreement between a debtor and a creditor that allows a debtor to keep certain secured property. This agreement is used when a debtor has filed for bankruptcy in the state of Kentucky and wishes to keep a secured asset, such as their car, furniture, or home. The agreement outlines the terms and conditions that must be met in order for the debtor to keep the asset. There are two types of Kentucky Reaffirmation Agreements: voluntary and involuntary. A voluntary agreement is one in which the debtor has chosen to reaffirm their debt on their own, while an involuntary agreement is one in which the creditor is forcing the debtor to reaffirm their debt. In both cases, the agreement must be approved by the court before it is considered valid.
Kentucky Reaffirmation Agreement
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How to fill out Kentucky Reaffirmation Agreement?
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FAQ
Typically, a bankruptcy lawyer can help you write and negotiate a reaffirmation agreement. Once you have a written agreement, there may be a reaffirmation hearing where the judge reviews the agreement.
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.
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.
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.
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.
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.
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.
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.