The Pennsylvania Reaffirmation Agreement and Order is an agreement that is used in Pennsylvania to reaffirm a debt or obligation. This agreement is a legally binding document in which a debtor agrees to pay a specific debt or obligation that they would otherwise be allowed to discharge in bankruptcy. The agreement is also used to protect creditors in the event of the debtor filing for bankruptcy. There are two types of Pennsylvania Reaffirmation Agreement and Order: Unconditional and Conditional. An Unconditional Reaffirmation Agreement is an agreement that the debtor agrees to pay the entire debt or obligation, regardless of the outcome of the bankruptcy proceedings. A Conditional Reaffirmation Agreement is an agreement that the debtor agrees to pay the debt or obligation only if the bankruptcy is discharged or dismissed. This agreement provides additional protection to the creditor.
Pennsylvania Reaffirmation Agreement And Order
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How to fill out Pennsylvania Reaffirmation Agreement And Order?
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FAQ
Reaffirming a mortgage debt requires a comprehensive multi-page reaffirmation agreement that must be filed with the court. The reaffirmation agreement also requires the debtor's bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the client.
A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated the debt in your bankruptcy case. When you reaffirm a debt, you continue to be legally responsible for paying it back. This gives the creditor some legal rights.
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).
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.
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.
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.
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.
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.