The New York Reaffirmation Cover Sheet is a document required in the state of New York for debtors who are signing a reaffirmation agreement. This document provides a summary of the reaffirmation agreement and allows the debtor to review the terms of the agreement before signing. The cover sheet also allows the debtor to provide additional information to the court and creditors regarding their financial situation. There are two main types of New York Reaffirmation Cover Sheet: the Reaffirmation Agreement Cover Sheet and the Reaffirmation of Waiver Cover Sheet. The Reaffirmation Agreement Cover Sheet is used when a debtor is confirming or renewing their debt. The Reaffirmation of Waiver Cover Sheet is used when a debtor is waiving their right to reaffirm the debt. Both cover sheets require the debtor to provide detailed information regarding their financial situation, including income, assets, and liabilities.
New York Reaffirmation Cover Sheet
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How to fill out New York Reaffirmation Cover Sheet?
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FAQ
WHAT IS IT? A debtor may wish to pay a debt in order to keep an asset, even though that debt would otherwise be discharged in bankruptcy. For example, a debtor may wish to keep a vehicle. As a promise to pay that debt, a debtor must enter into a Reaffirmation Agreement with the creditor.
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.
In bankruptcy, a reaffirmation is an agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy proceedings are over and the property subject to the reaffirmation is not subject to partition in the
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.
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.
Can you file a reaffirmation agreement after discharge? Once a discharge order has been entered in your bankruptcy case, you can no longer reaffirm any of the debts included in the discharge agreement. The same goes for if your case has been closed by the court.
Under a reaffirmation agreement, you agree to pay a debt even though you could have eliminated. the debt in your bankruptcy case. Reaffirmation agreements are strictly voluntary.
You do not have to reaffirm any discharged debts. Since reaffirmation violates the spirit of the bankruptcy laws, the court is required to approve any reaffirmation and can do so only after closely examining your reasons for wanting to reaffirm the debt.