A South Carolina Reaffirmation Agreement is a legal contract between a debtor and a creditor, which allows the debtor to voluntarily repay a debt even after filing for bankruptcy. This agreement is aimed at reaffirming the debtor's obligation to repay a specific debt, effectively excluding it from the bankruptcy discharge. The Reaffirmation Agreement in South Carolina serves as a written document outlining the terms and conditions under which the debtor will continue to repay a debt, such as a mortgage, car loan, or other outstanding debts. By signing this agreement, the debtor agrees to be legally bound by the repayment terms, despite the bankruptcy filing. In South Carolina, a Motion and Order are also vital components of the reaffirmation process. The Motion is a formal written request submitted by the debtor or their attorney to the bankruptcy court. It requests the court's approval for the reaffirmation agreement and includes details of the debt, the terms of repayment, and any supporting documentation. The Order, on the other hand, is a written decision issued by the bankruptcy court. It approves or denies the Motion for Reaffirmation Agreement, thereby determining whether the debtor can proceed with the reaffirmation process or if the debt will be discharged in bankruptcy. It's worth mentioning that there are no distinct types of reaffirmation agreements, motions, or orders specific to South Carolina. The general purpose and process of reaffirmation agreements, motions, and orders apply uniformly across the state. However, the content of these documents may vary depending on the nature of the debt, the creditor involved, and the individual circumstances of each bankruptcy case. Appropriate keywords for this context include: South Carolina, Reaffirmation Agreement, Reaffirmation Agreement types, Motion, Order, bankruptcy, debtor, creditor, discharge, repayment terms, terms and conditions, legal contract, process, mortgage, car loan, bankruptcy court, bankruptcy case.
South Carolina Reaffirmation Agreement, Motion and Order
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How to fill out South Carolina Reaffirmation Agreement, Motion And Order?
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FAQ
Reaffirmation is an agreement by a debtor, to a lender, to repay some or all of their debt. Debtors make reaffirmation agreements purely voluntarily. When a borrower reaffirms a debt, this is noted by credit reporting agencies, which then register that the person will make regular on-time payments.
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.
Reaffirmation agreements can be rescinded any time before the Court issues the discharge, or within 60 days after the agreement is filed with the Court, whichever is the later. Notice of the rescission must be given to the creditor.
At the reaffirmation hearing, the judge will explain any concerns he or she has with the terms of your agreement. In addition, the judge will ask you certain questions to determine whether reaffirming the debt is in your best interest.
Reaffirmation agreements are entirely voluntary. 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.
The Chapter 13 Trustee is required to report to the Bankruptcy Court if you fail to make payments on time or in full. The Court may then enter an order dismissing your case and withdrawing the protection of the Bankruptcy Court. If that occurs, you then could be subject to creditor collection efforts and other actions.
If I deny the motion to reaffirm the debt, you are under no legal responsibility to pay the creditor, but the creditor can seek to repossess the collateral (if there is any). However the creditor cannot obtain a judgment against you for the amount you owe on this debt.
Reaffirming a debt will make you personally liable for that debt even after your bankruptcy. If you are unable to make payments after executing a reaffirmation agreement, the lender will take the collateral and may sue you for any deficiency.
You will receive a hearing date to see a judge and explain why you want to reaffirm the debt. You must also explain how you can afford to make payments in the future. The judge will decide whether or not to approve your reaffirmation agreement.