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How to Make Modifiable Bankruptcy Agreement

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In this video tutorial, Christy Myatt from the Farm Credit team at Nexen discusses the importance of a reaffirmation agreement in Chapter 7 bankruptcy. Chapter 7 allows debtors to discharge certain debts for a fresh financial start, specifically regarding secured debts. Debtors have three options: 1) surrender the collateral to the secured creditor (who will need relief from stay to sell it), 2) retain the collateral and redeem it by paying its value in a lump sum, or 3) retain the collateral through a reaffirmation agreement, committing to pay the full debt amount over time with interest. Not exercising these options may occur if the collateral's value exceeds the debt owed.

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Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

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What does it mean when a loan is not reaffirmed?

Without a reaffirmation agreement, you are not personally liable for the debt. So, while the mortgage company can still foreclose on their lien if you dont pay, you are free to walk away with no penalty or further damage to your credit. The bankruptcy has removed your personal liability.

Why would a debtor want to reaffirm a debt that would be discharged?

Advantages to Reaffirmation of Debt Reaffirming a debt allows you to keep the property securing the debt, which can be a real advantage in some cases. It also allows you to avoid having to come up with a lump-sum payment to keep the property.

Can a lender refuse a reaffirmation agreement?

The agreement is voluntary for you and for the creditorthe creditor may refuse to offer a reaffirmation. All parties need to move quickly to get an agreement reviewed, signed, and filed.

What is a modification in bankruptcy?

Modification after confirmation. The court and the trustee will ask you to explain why you need to change your plan payments and provide proof of your changed circumstances (such as a job loss or a reduction in income). If satisfied, the court will order a new plan payment for the duration of your case.

Can you amend a bankruptcy after discharge?

The bankruptcy rules allow you to file an amendment to your bankruptcy forms any time before you receive your final discharge. If for some reason you need to file an amendment after your discharge, then you will have to ask permission from the court.

Is a reaffirmation agreement necessary?

No, you are not required to reaffirm a debt by any law. Only agree to reaffirm a debt if it is in your best interest. Be sure you can afford the payments that you agree to make.

What happens after reaffirmation agreement?

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.

How do I revoke a reaffirmation agreement?

To cancel a reaffirmation agreement, you must notify the creditor. It is a good idea to notify the creditor in writing via certified mail with a return receipt postcard so you have proof that you have rescinded the agreement.

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