The Missouri Reaffirmation Agreement for Cases Filed before October 17, 2005, is a legally binding contract between a debtor and a creditor. It allows the debtor to keep certain secured debts, such as a mortgage or car loan, even after filing for bankruptcy. By signing the agreement, the debtor agrees to remain responsible for the debt despite the discharge of other debts. The agreement also reaffirms any collateral that the creditor holds on the debt, such as a lien or a security interest. There are two types of Missouri Reaffirmation Agreement for Cases Filed before 10/17/2005: the Voluntary Reaffirmation Agreement and the Court Approved Reaffirmation Agreement. A Voluntary Reaffirmation Agreement is an agreement between the debtor and the creditor in which the debtor agrees to keep the secured debt and reaffirm the collateral, and the creditor agrees to accept payments and forgive any remaining balance on the debt. A Court Approved Reaffirmation Agreement is a contract between the debtor and the creditor that must be approved by the court in order to be valid. The agreement is reviewed by the court to ensure that it is not an undue burden on the debtor and that it is in the best interest of the debtor and the creditor.
Missouri Reaffirmation Agreement for Cases Filed before 10/17/2005
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FAQ
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.
A reaffirmed debt remains your personal legal obligation to pay. Your reaffirmed debt is not discharged in your bankruptcy case. That means that if you default on your reaffirmed debt after your bankruptcy case is over, your creditor may be able to take your property or your wages.
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. There may be other ways to renegotiate payments with creditors without entering into a reaffirmation agreement.
Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.
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.
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.
But you have a very limited time to cancel the reaffirmation agreement. 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.