New York Reaffirmation Agreement — Order Form B240c (12/15) is a legal document that is used by debtors to reaffirm a debt that they have already filed for bankruptcy. This document allows a debtor to continue to pay on a debt that would otherwise be discharged in a bankruptcy proceeding. It is used by debtors in the State of New York who are filing for bankruptcy under either Chapter 7 or Chapter 13 of the United States Bankruptcy Code. The form is used to reaffirm a loan, credit card, or other debt by entering into a new agreement with the lender or creditor. The form is available in two versions: B240c- Chapter 7 Reaffirmation Agreement and B240c- Chapter 13 Reaffirmation Agreement. Both versions are available for download on the New York State Unified Court System website.
New York Reaffirmation Agreement - Order Form B240c (12/15)
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FAQ
Reaffirmation agreements are strictly voluntary. A debtor is not required to reaffirm any of his or her debts. 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.
Typically, a bankruptcy lawyer can help you write and negotiate a reaffirmation agreement. Once you have a written agreement, there may be a reaffirmation hearing where the judge reviews the agreement.
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.
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.
You or your creditor must file with the court the original of this Reaffirmation Documents packet and a completed Reaffirmation Agreement Cover Sheet (Official Bankruptcy Form 27).
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.