New York Reaffirmation Agreement — Order Form B240a (12/15) is a document used by individuals filing for bankruptcy in New York State. This form is used to reaffirm a debt agreement between the debtor and the creditor, and outlines the details of the agreement such as the terms of repayment, the amount of the debt, and the period of repayment. It is important to note that the debtor must sign this form in order to have the debt legally reaffirmed. There are two different types of New York Reaffirmation Agreement — Order Form B240a (12/15): voluntary and non-voluntary. A voluntary agreement requires the debtor to sign and follow the terms of the agreement, while a non-voluntary agreement does not require the debtor to sign the agreement.
New York Reaffirmation Agreement - Order Form B240a (12/15)
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FAQ
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.
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.
A presumption of undue hardship arises when a filer's expenses exceed their monthly income. This shows there isn't enough money to cover the monthly payment that would be required by the reaffirmation agreement.
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.
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.
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.
Creditors frequently do not automatically generate reaffirmation agreements. Sometimes creditors may not even file a reaffirmation agreement even after you have signed and returned the agreement to them.
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.