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Reaffirmation Agreement - Texas

Reaffirmation Agreement - Texas 2026

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Form B240-3/99 is a Reaffirmation Agreement used in bankruptcy cases, allowing a debtor to reaffirm a debt with a creditor under Section 542(c) of the Bankruptcy Code. It outlines the terms of the debt, including amounts owed, payment schedules, and potential consequences of reaffirmation. The document emphasizes that entering into this agreement waives certain bankruptcy protections and provides instructions for filing and rescinding the agreement.

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Click ‘Get Form’ to open the Reaffirmation Agreement - Texas in the editor.
Begin by entering the debtor’s name and bankruptcy case number at the top of the form. Ensure accuracy as this information is crucial for identification.
Fill in the creditor’s name and address. This section identifies who you are reaffirming the debt with.
In the 'THE DEBT' section, input details such as total amount of debt when the case was filed, total amount reaffirmed, interest accrued, attorney's fees, and any other related costs. Be thorough to avoid discrepancies.
Complete the 'CREDITOR’S STATEMENT' section if applicable, detailing any collateral involved and its valuation.
Provide your financial information in 'DEBTOR’S STATEMENT OF EFFECT OF AGREEMENT ON DEBTOR’S FINANCES', including monthly income and expenses.
Finally, ensure all signatures are completed at the bottom of the form. If you have an attorney, their certification is also required.

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What are the cons of reaffirmation?

Cons Continued liability: Once you reaffirm a debt, you are legally obligated to continue making payments on it. Court scrutiny: Reaffirmation agreements require court approval. Financial risk: Reaffirming a debt can be risky if your financial situation is uncertain.

What is the purpose of a reaffirmation agreement?

Once a reaffirmation agreement is approved, the debt becomes an ongoing obligation. The debtor must continue making payments as agreed, and if they default, the creditor can take legal action, such as repossessing the collateral or suing for the remaining balance.

Why would someone choose to reaffirm a debt?

What Happens if a Mortgage is Not Reaffirmed? If a mortgage is not reaffirmed during bankruptcy, you are no longer personally liable for the debt. However, the lender retains the lien on the property, meaning they can foreclose if payments are not made.

What happens after a reaffirmation agreement?

Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.

What does a reaffirmation agreement do?

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.

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How long do you have to file a reaffirmation agreement?

A reaffirmation agreement must be filed within 60 days after the first date set for the 341(a) meeting of creditors. The agreement must have a cover sheet prepared as prescribed by Form 427. At any time, the court may extend the time to file an agreement.

Reaffirmation Agreement - Texas 2026

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