Tennessee Reaffirmation Cover Sheet is a form used to review and confirm debts in Tennessee. It is used when a debtor is reaffirming a debt to keep it from being discharged in bankruptcy. It also provides a way for the debtor to verify that they understand the debt obligation and the consequences of reaffirming the debt. The Cover Sheet contains the following information: 1. Debtor's Name 2. Debtor's Attorney's Name 3. Debtor's Attorney's Address 4. Creditor's Name 5. Creditor's Address 6. Account Number 7. Description of the Debt 8. Terms of Reaffirmation 9. Signature of Debtor There are two types of Tennessee Reaffirmation Cover Sheet forms: the General Cover Sheet and the Collateral Cover Sheet. The General Cover Sheet is used when the debt is not secured by collateral, while the Collateral Cover Sheet is used when the debt is secured by collateral.
Tennessee REAFFIRMATION COVER SHEET
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FAQ
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.
Reaffirmation agreements are voluntary, so you're not required to sign one. It's unnecessary to have one if you want to voluntarily repay a debt instead of including it in your bankruptcy.
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.
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.
What Happens If I Don't Reaffirm My Car Loan? Without a payment contract, the lender could repossess the car at any time, even if you continued making monthly amounts and remained current. Also, you wouldn't benefit from timely payments because the lender wouldn't report payments to credit bureaus.
You can keep your car and continue making the payments by entering into a reaffirmation agreement with your car lender during your bankruptcy case. It's up to the bankruptcy court to approve a reaffirmation agreement or up to your attorney, if you have one, to sign off on it.
If you don't sign a reaffirmation agreement, the lender can repossess your car after your case closes and the automatic stay lifts. Some car lenders are known to repossess the car immediately, even if you are current on 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.