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Reaffirmation Agreement - Pennsylvania

Reaffirmation Agreement - Pennsylvania 2025

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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 specific provisions of the Bankruptcy Code. It outlines the terms of the debt, including amounts owed, payment schedules, and potential consequences for the debtor if they fail to comply. The document emphasizes that entering into this agreement is voluntary and provides details on the rights of both parties, including the need for court approval if certain conditions are not met.

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Who files the reaffirmation agreement?

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.

What happens after a 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.

What are the requirements for a reaffirmation agreement?

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.

What happens if you reaffirm a debt then fail to pay it?

If you reaffirm a debt and then fail to pay it, you owe the debt the same as though there was no bankruptcy. The debt will not be discharged and the creditor can take action to recover any property on which it has a lien or mortgage.

What is the purpose of 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.

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What happens if mortgage is not reaffirmed but still paying?

As long as the bank is willing to accept payments and you abide by the terms of your already existing loan, you should be able to keep the house and maintain payments to satisfy the mortgage but you will not likely be able to modify or refinance without having reaffirmed the debt.

Who signs a reaffirmation agreement?

A contractual agreement to repay such a debt is called a reaffirmation agreement and is entered into between the debtor and a specific creditor. Reaffirmation agreements are strictly voluntary. They are not required by the Bankruptcy Code or other state or federal law.

Reaffirmation Agreement - Pennsylvania 2025

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