Nevada Official Form 2400B — Motion for Approval of Reaffirmation Agreement Cover Sheet is a legal document used in bankruptcy cases to request court approval of a reaffirmation agreement. The form consists of three sections: (1) Motion for Approval of Reaffirmation Agreement, (2) Notice of Hearing, and (3) Order of Approval. In the Motion, the debtor must explain why the reaffirmation agreement should be approved, and in the Order, the court must explain its decision. This form is used when a debtor and creditor have agreed to a reaffirmation agreement to keep a debt secured by collateral in effect after the bankruptcy discharge. The types of Nevada Official Form 2400B — Motion for Approval of Reaffirmation Agreement Cover Sheet are: Motion for Approval of Reaffirmation Agreement, Notice of Hearing, and Order of Approval.
Nevada Official Form 2400B - Motion for Approval of Reaffirmation Agreement Cover Sheet
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How to fill out Nevada Official Form 2400B - Motion For Approval Of Reaffirmation Agreement Cover Sheet?
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FAQ
If you want to request a reaffirmation agreement, you must agree after filing for bankruptcy but before any collateral is discharged to the lender. An agreement is filed by submitting a Statement of Intent to the court. Then, you must also send the Statement of Intent to the lender.
Given these significant consequences, you must make sure that you understand the terms of a reaffirmation agreement before signing, including (1) the amount that you will owe, (2) the timing of the payments and (3) any right the creditor may have to take away the property if you fail to make payment.
1. I will have reaffirmed the excess loan amount that I received only after I sign and return this form to my loan holder and it is processed. 2. After I have reaffirmed the excess loan amount, my school will determine what types and amounts of federal student financial aid I am eligible to receive.
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.
What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.
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.
He has depleted his savings and is unable to make his mortgage payments. John arranges with his mortgage company a reaffirmation that is approved in court. He reaffirms the debt he owes on the home mortgage, with a chance to renegotiate payments with the lender.
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.