Reaffirmation Documents are legal documents used to reaffirm a debt that has been discharged in a bankruptcy. These documents are signed by the debtor and creditor and are filed with the bankruptcy court to make the debt legally enforceable. There are two types of Reaffirmation Documents: Reaffirmation Agreements and Stand-Alone Reaffirmation Documents. Reaffirmation Agreements are binding contracts between the debtor and creditor that reaffirm the debt and limit the creditor's ability to collect or enforce the debt. Stand-Alone Reaffirmation Documents are documents that reaffirm the debt without a contract. Both types of documents must be approved by the court in order to be valid.
Reaffirmation Documents
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Reaffirmation Documents
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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.
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.
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.
For example, if a replacement used car costs $5,000 at a 5% interest rate and the reaffirmation agreement would require the debtor to pay $6,000 at a 5% interest rate or $5,000 at a 6% interest rate, then the debtor should not enter into the reaffirmation agreement.
A reaffirmation agreement is a legally-binding document that establishes the legal obligations of a borrower to repay some or all of it during bankruptcy.
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).