This is an official West Virginia bankruptcy court form , a Reaffirmation Agreement This is a form signed by a debtor that is given to a creditor after the debtor has filed a Chapter 7 bankruptcy. This agreement reaffirms the amount owed by the debtor to the creditor, and permits the debtor to repay the amount owed either in one lump sum or according to a payment plan. Available in Word or Rich Text format.
West Virginia Reaffirmation Agreement
Category:
State:
West Virginia
Control #:
WV-BKR-801N
Format:
Word;
PDF;
Rich Text
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How to fill out West Virginia Reaffirmation Agreement?
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FAQ
If you do not reaffirm the mortgage, your personal liability for paying the debt represented by the promissory note is discharged in your bankruptcy case.The company can foreclose the mortgage and force a foreclosure sale if you stop making payments.
Yes. You can cancel (or rescind) your reaffirmation agreement, even if a judge has already approved it. NOTE: WE STRONGLY RECOMMEND THAT YOU SPEAK WITH AN ATTORNEY TO ADVISE YOU ABOUT THE CONSEQUENCES OF CANCELLING A REAFFIRMATION AGREEMENT IN YOUR CASE.
Reaffirmation is voluntary Surrender may be the best thing if the car is simply too expensive or isn't reliable. You can choose to keep the car and continue paying without reaffirming. You take your chances that the lender will repossess the car, but you also keep the benefits of the bankruptcy discharge.
If property is secured by debt, you can keep it by reaffirming the debt in Chapter 7. In a Chapter 7 bankruptcy, you must disclose whether you intend to keep or surrender (give back) certain properties such as your house or car.
Yes, you can sell the home. The effect of no reaffirmation is that you do not have a personal obligation to pay the mortgage. You still are the titled owner and the mortgage is still a lien on the property so it must be paid in order to sell the property.
Reaffirmation is the process wherein you agree to remain responsible for a debt so that you can keep the property securing the debt (collateral). You and the lender enter into a new contractusually on the same termsand submit it to the bankruptcy court.
Reaffirmation agreements are strictly voluntary. A debtor is not required to reaffirm any of his or her debts. If a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.
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.