Reaffirmation Agreement - Secured Debt - South Dakota 2025

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The deadline to cancel a reaffirmation agreement is the later of these two dates: 60 days after the date the agreement is filed with the Court; or the date the Bankruptcy Court issues a discharge in your case.
If you decide to enter into a reaffirmation agreement, you must do so before you receive your discharge. After you have entered into a reaffirmation agreement and all parts of this form that require a signature have been signed, either you or the creditor should file it as soon as possible.
If the Court denies the reaffirmation agreement, you are in technical default again. This is part of the trade‐off between Chapters 7 and 13. In exchange for a quick, efficient, inexpensive discharge of your debts, you give up control over the actions of creditors.
Reaffirmation agreements require court approval to make sure the debtor can reasonably afford to continue making the payments. If the debtor has an attorney, the attorney must confirm that the agreement is in the debtors best interest and wont cause undue financial hardship.
Another type of debt you should never reaffirm is unsecured debts. An unsecured debt has no collateral that backs up the debt.
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Without reaffirmation, the lender may not report your payments to credit bureaus, limiting your ability to rebuild credit. Additionally, failing to reaffirm can leave you in a precarious ownership position.

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