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Notice of rescission of reaffirmation agreement form

Reaffirmation Agreement - West Virginia 2025

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The document is a Reaffirmation Agreement filed in the United States Bankruptcy Court for the Northern District of West Virginia, related to a Chapter 7 bankruptcy case. It outlines the debtor's commitment to repay a specified amount to Sears, including finance charges, while retaining property secured by the debt. The agreement emphasizes the debtor's right to cancel within 60 days and clarifies that entering into this agreement is not mandatory under bankruptcy laws. An attorney's declaration confirms that the agreement is voluntary and does not impose undue hardship on the debtor.

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Click ‘Get Form’ to open the Reaffirmation Agreement in the editor.
Begin by entering your Bankruptcy Case Number and Chapter (Chapter 7) at the top of the form.
Fill in your name as the Debtor, along with the date of filing your Petition for Relief.
In the section regarding security interest, specify the creditor's name and account number, along with the total amount owed at the time of filing.
Indicate the Reaffirmed Amount you agree to pay, including any applicable finance charges and monthly installment details.
Review and confirm your understanding of cancellation rights, ensuring you provide a written notice if you choose to rescind this agreement within sixty days.
Finally, sign and date the document. If applicable, have your attorney complete their declaration section.

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What is the purpose of a reaffirmation agreement?

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.

What happens after 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.

How long does a reaffirmation agreement take?

How long does the reaffirmation process take? The reaffirmation process will vary based on your Federal Loan Servicer. We recommend you allow at least 4-6 weeks for this process once the request has been initiated.

Is a reaffirmation agreement necessary?

Reaffirmation agreements are strictly voluntary. They are not required by the Bankruptcy Code or other state or federal law. A debtor may decide to voluntarily repay any debt without signing a reaffirmation agreement; however, there may be valid reasons for wanting to reaffirm a particular debt.

Who needs reaffirmation?

If you can afford to keep the secured property and continue making payments, you may wish to sign a reaffirmation agreement, unless the creditor agrees otherwise. If you decide that you cannot afford to keep the property, you may return the property to the creditor.

reaffirmation agreement cover sheet instructions

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What are the requirements for 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.