New Jersey Reaffirmation Agreement, Motion, and Order are legal documents pertaining to the process of reaffirmation in bankruptcy cases. These legal procedures are specific to the state of New Jersey and are used to address the reaffirmation of debts by debtors during bankruptcy proceedings. 1. New Jersey Reaffirmation Agreement: The New Jersey Reaffirmation Agreement is a legal contract between the debtor and the creditor that allows the debtor to retain possession of certain property pledged as security for a debt during bankruptcy. By signing this agreement, the debtor agrees to continue making payments on the debt even after the bankruptcy discharge. This agreement is filed with the court for approval and must comply with the relevant bankruptcy laws in New Jersey. 2. New Jersey Reaffirmation Motion: The New Jersey Reaffirmation Motion is a formal request submitted to the bankruptcy court seeking permission to enter into a reaffirmation agreement. It is filed by the debtor's attorney and includes supporting documentation such as financial statements, schedules, and a proposed reaffirmation agreement. The motion explains the reasons why reaffirming the debt is in the debtor's best interest and outlines the terms and conditions of the proposed agreement. 3. New Jersey Reaffirmation Order: The New Jersey Reaffirmation Order is issued by the bankruptcy court after a judge reviews and approves the reaffirmation agreement. This order legally sanctions the reaffirmation agreement and grants the debtor the ability to continue making payments on the specified debt. It is crucial for the debtor to receive court approval through the reaffirmation order to ensure the agreement is enforceable and protects the debtor's rights. In summary, the New Jersey Reaffirmation Agreement, Motion, and Order play a vital role in the bankruptcy process. The agreement establishes the terms for continuing payments on a debt, the motion seeks court permission to enter into the agreement, and the order confirms the agreement's approval by the court. Following these procedures ensures compliance with New Jersey bankruptcy laws and allows the debtor to retain possession of certain secured property while repaying their debts.
New Jersey Reaffirmation Agreement, Motion and Order
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How to fill out New Jersey Reaffirmation Agreement, Motion And Order?
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FAQ
If I deny the motion to reaffirm the debt, you are under no legal responsibility to pay the creditor, but the creditor can seek to repossess the collateral (if there is any). However the creditor cannot obtain a judgment against you for the amount you owe on this debt.
What Happens If I Don't Reaffirm My Car Loan? Without a payment contract, the lender could repossess the car at any time, even if you continued making monthly amounts and remained current. Also, you wouldn't benefit from timely payments because the lender wouldn't report payments to credit bureaus.
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.
Reaffirmation agreements are entirely voluntary. No creditor can make you reaffirm a debt. This is because a reaffirmation goes against the most basic upside of filing bankruptcy: the fresh start. You cannot be sent to collections, sued, or garnished on a debt that was discharged in bankruptcy.
Agreeing to repay the excess loan amount in ance with the terms of the promissory note is called ?reaffirmation.? You can reaffirm an excess loan amount by signing a reaffirmation agreement with your loan servicer.
Creditors holding a security interest that they want to protect post-bankruptcy will request that a Reaffirmation Agreement is signed. They will prepare it and provide it to your attorney's office for review.
Reaffirmations are essentially a new agreement, and the terms can be different from the original debt. This means the creditor can negotiate different rates or payment schedules.
However, in order for that rule to be effective, the reaffirmation agreement itself must be filed before the entry of discharge.