A Minnesota Reaffirmation Agreement is a legally binding document that allows an individual to voluntarily reaffirm a debt that was previously discharged in a bankruptcy. This type of agreement is commonly used when an individual wants to keep a secured asset, such as a car or home, that is subject to a loan. The Minnesota Reaffirmation Agreement must be approved by the bankruptcy court and the individual must demonstrate that he/she can afford the payments. The agreement must be filed with the court prior to the discharge of the debtor's bankruptcy. There are two types of Minnesota Reaffirmation Agreements: the Standard Reaffirmation Agreement and the Limited Reaffirmation Agreement. The Standard Reaffirmation Agreement requires the debtor to continue making the same payments as before the bankruptcy was filed. The Limited Reaffirmation Agreement allows the debtor to make reduced payments, which will be reflected in the agreement.
Minnesota Reaffirmation Agremeement
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How to fill out Minnesota Reaffirmation Agremeement?
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FAQ
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.
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.
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.
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.
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 a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.