A Kentucky Motion for Approval of Reaffirmation Agreement is a legal document filed in the state of Kentucky when a debtor wishes to enter into a reaffirmation agreement with their creditor. A reaffirmation agreement is a legally binding contract that allows a debtor to reaffirm their liability for a debt that would otherwise be discharged in bankruptcy proceedings. The motion includes the debtor’s name, address, and social security number, as well as the creditor’s name and address. It also includes a description of the debt in question and the terms of the reaffirmation agreement. The motion must be signed by the debtor and notarized. There are two types of Kentucky Motion for Approval of Reaffirmation Agreement: (1) voluntary (where the debtor willingly agrees to the reaffirmation agreement) and (2) involuntary (where the debtor is compelled to agree to the reaffirmation agreement pursuant to a court order).
Kentucky Motion For Approval of Reaffirmation Agreement
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How to fill out Kentucky Motion For Approval Of Reaffirmation Agreement?
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FAQ
Reaffirming a mortgage debt requires a comprehensive multi-page reaffirmation agreement that must be filed with the court. The reaffirmation agreement also requires the debtor's bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the client.
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.
For example, if a replacement used car costs $5,000 at a 5% interest rate and the reaffirmation agreement would require the debtor to pay $6,000 at a 5% interest rate or $5,000 at a 6% interest rate, then the debtor should not enter into the reaffirmation agreement.
You or your creditor must file with the court the original of this Reaffirmation Documents packet and a completed Reaffirmation Agreement Cover Sheet (Official Bankruptcy Form 27).
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 by which a bankruptcy debtor becomes legally obligated to pay all or a portion of an otherwise dischargeable debt.
A reaffirmation agreement is a legally-binding document that establishes the legal obligations of a borrower to repay some or all of it during bankruptcy.