The Virginia Summary of Reaffirmation Agreement and Declaration is a document that is used to reaffirm a debt that has been previously discharged in bankruptcy. This document serves to reinstate the original debt, allowing the debtor to legally bind themselves to the original terms of the debt. The document is typically used when a debtor wishes to keep collateral that was part of the original debt, such as a home or car. There are two types of Virginia Summary of Reaffirmation Agreement and Declaration: voluntary and non-voluntary. A voluntary agreement is one that the debtor and the creditor both agree to, while a non-voluntary agreement is one where only the creditor is in agreement. In either case, the debtor must sign the document and have it notarized in order for it to be valid. The Virginia Summary of Reaffirmation Agreement and Declaration includes information such as the names of the debtor and creditor, the amount of the debt, the date of the original agreement, and the date of the reaffirmation agreement. It also states that the debtor is aware of all the terms and conditions of the original agreement and is legally bound to them. Furthermore, it states that the debtor is aware of their rights to revoke the agreement at any time, and that they are waiving those rights by signing the document.
Virginia Summary of Reaffirmation Agreement and Declaration
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How to fill out Virginia Summary Of Reaffirmation Agreement And Declaration?
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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).
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.
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.
The primary benefit to the lender of entering into a reaffirmation agreement is that if there is a default later on, the lender retains the right to pursue not only the repossession or foreclosure of the collateral but the borrower(s) for any deficiency claim that may arise after repossession or foreclosure of the
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.
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 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.
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.