An Order on Reaffirmation Agreement (Alt.) is a document issued by a court that allows a debtor to reaffirm a debt that was previously discharged in bankruptcy. The Order requires the debtor to sign a legally binding new contract with the creditor that replaces the original contract. This allows the creditor to collect the balance owed by the debtor even after the debt has been discharged. There are two different types of Order on Reaffirmation Agreement (Alt.): voluntary and mandatory. A voluntary Order on Reaffirmation Agreement (Alt.) is issued when the debtor requests it and the creditor agrees to it. A mandatory Order on Reaffirmation Agreement (Alt.) is issued when the court directs the debtor to sign a reaffirmation agreement. In either case, a judge must approve the Order on Reaffirmation Agreement (Alt.) before it takes effect. The Order must be signed by the debtor, the creditor, and the court in order to be legally binding.
Order on Reaffirmation Agreement (Alt.)
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FAQ
For debtors, reaffirming a loan may provide benefits such as improved credit scores or access to additional financing options in the future. However, the main advantage of reaffirming a debt is that it allows a debtor to keep an asset that would otherwise be lost in their bankruptcy case.
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.
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.
1. I will have reaffirmed the excess loan amount that I received only after I sign and return this form to my loan holder and it is processed. 2. After I have reaffirmed the excess loan amount, my school will determine what types and amounts of federal student financial aid I am eligible to receive.
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.
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, although required by the bankruptcy laws for every secured debt that the debtor will continue to pay, are often not necessary in practice. This is because the only penalty for failure to sign the reaffirmation is that the creditor might repossess the collateral securing the loan.