A Massachusetts Reaffirmation Agreement is a legal document that allows a debtor to reaffirm a debt that was previously discharged in a Chapter 7 bankruptcy. This document is signed by both the debtor and the creditor, and it serves to reinstate the debt and any associated obligations and liabilities. The agreement binds the debtor to the previously discharged debt and sets a payment plan for the repayment of that debt. There are two types of Massachusetts Reaffirmation Agreements: voluntary and involuntary. A voluntary reaffirmation agreement is one in which the debtor agrees to the terms of the agreement without any coercion from the creditor. An involuntary reaffirmation agreement is one that is entered into because of creditor pressure or coercion.
Massachusetts Reaffirmation Agreement
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How to fill out Massachusetts Reaffirmation Agreement?
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FAQ
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.
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.
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.
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.
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.
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.
You will likely have to default on the loan before the lender takes such an action, but if you don't reaffirm, you'll live in a legal gray area. Your lender can take your home even if you make all your payments, as you are no longer obligated under the terms of the promissory note.
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.