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But if you do not reaffirm the loan at all, then your payments will not show up on your credit report at all; it will appear instead that the loan has been wiped out (discharged). 2) Invoices and Statements. If you do not reaffirm your loan, then your lender will not send out monthly loan statements.
A reaffirmation agreement essentially states that the debtor will pay some or all of the debt, instead of having it discharged. In exchange, the creditor commits to refraining from repossessing collateral property from the debtor.
Reaffirmation agreements are strictly voluntary. A debtor is not required to reaffirm any of his or her debts. If a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.
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.
The signed agreement must be filed with the court no later than 60 days after the first date set for the meeting of creditors, so that the court will have time to schedule a hearing to approve the agreement if approval is required.
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But if you do not reaffirm the loan at all, then your payments will not show up on your credit report at all; it will appear instead that the loan has been wiped out (discharged). 2) Invoices and Statements. If you do not reaffirm your loan, then your lender will not send out monthly loan statements.
When you reaffirm a debt, you agree that you will still owe it after your bankruptcy case ends. Both the creditors lien on the collateral (which gives the creditor the right to take the property if you fail to pay as agreed) and your liability to pay the debt will survive bankruptcy intact.
Reaffirmation Provides Certainty Against Repossession If you dont sign a reaffirmation agreement, the lender can repossess your car after your case closes and the automatic stay lifts. Some car lenders are known to repossess the car immediately, even if you are current on payments.
Reaffirmation is voluntary You dont have to reaffirm. In fact, the form that you file with your bankruptcy papers allows you to elect to surrender the car. Surrender may be the best thing if the car is simply too expensive or isnt reliable. You can choose to keep the car and continue paying without reaffirming.
Remember the following factors of reaffirmation: The agreement is voluntary for you and for the creditorthe creditor may refuse to offer a reaffirmation.

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