Legal Reaffirmation Documents

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Commonly Asked Questions about Legal Reaffirmation Documents

How long do you have to file a reaffirmation agreement?

(a) Filing of Reaffirmation Agreement. A reaffirmation agreement shall be filed no later than 60 days after the first date set for the meeting of creditors under 341(a) of the Code. The reaffirmation agreement shall be accompanied by a cover sheet, prepared as prescribed by the appropriate Official Form.

What is the reaffirmation process?

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.

Who prepares the reaffirmation agreement?

Creditors holding a security interest that they want to protect post-bankruptcy will request that a Reaffirmation Agreement is signed. They will prepare it and provide it to your attorneys office for review.

How to get How do I get a reaffirmation agreement?

Making a reaffirmation agreement can be helpful if you want to stay in your home or you need to keep driving your car during a bankruptcy settlement. However, this type of agreement means you are still responsible for some sort of payment on the loan. Bankruptcy: What is a Reaffirmation Agreement? - Bankrate bankrate.com personal-finance debt re bankrate.com personal-finance debt re

Who files a reaffirmation agreement?

A debtor may enter into a reaffirmation agreement in order to take a debt owed on an automobile (for example) and agree to remove that debt from being dischargeable. This is the case for many debtors who want to desire to keep their vehicle even though money is still owed on the car loan.

Who signs a reaffirmation agreement?

A reaffirmation agreement is a contract between a debtor and a creditor to keep the creditors debt out of the bankruptcy. In effect, signing a reaffirmation agreement puts you back on the hook for the debt.