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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
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Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I recently filed an affirmation agreement on my autoloan with

Customer Question

I recently filed an affirmation agreement on my autoloan with my credit union. Does the 60 days to cancel it start from the time I signed the agreement or from when the court approved the agreement?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 4 years ago.

A debtor may rescind a reaffirmation agreement at any time prior to discharge or within 60 days after filing of the agreement with the court, whichever occurs later, by giving notice of rescission to the creditor. Bankr. Code § 524(c)(4).

 

Hope this helps.

 

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Customer: replied 4 years ago.
Is the date file with the court the date the judge approved it or the date the creditor filed the agreement?
Expert:  socrateaser replied 4 years ago.
It is the date stamped on the agreement by the bankruptcy court clerk.
Customer: replied 4 years ago.

on the order approving reaffirmation agreement? or the date the paperwork was filed from the creditor and the hearing was set for approval?

Expert:  socrateaser replied 4 years ago.
The date that the creditor filed the agreement with the court.

Edited by socrateaser on 9/4/2010 at 9:30 PM EST
Customer: replied 4 years ago.

It's not from the date the order approving reaffirmation agreement was filed?

Expert:  socrateaser replied 4 years ago.

Here's a link to the exact text of the statute. BC 524(c)(4). The statute provides that the debt is enforceable if "the debtor has not rescinded such agreement at any time prior to discharge or within sixty days after such agreement is filed with the court, whichever occurs later, by giving notice of rescission to the holder of such claim."

 

The court's approval is necessary, but it would rarely represent (except by coincidence) the final date barring the debtor's right to rescind the reaffirmation agreement.

Customer: replied 4 years ago.
Relist: Answer quality.
person answering questions is giving answers I have located myself and not giving me the answer to the question I am asking.
Expert:  socrateaser replied 4 years ago.

I'm not sure why we are having a disconnect. The date that you must rescind the reaffirmation is 60 days from the date that the agreement was filed with the court. It has nothing to do with the court's approval, unless the approval occurred after 60 days of filing the agreement and after the discharge order was signed by the court.

 

If you like, tell me when the agreement was filed with the court, the date of disharge from bankruptcy and the date that the court approved the agreement, and I'll tell you what the last date for reaffirmation is. If any of those dates have not yet occurred, then just say so, and I'll consider it in the calculation.

 

Thanks in advance.

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socrateaser
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Attorney and Real Estate Broker -- Retired (mostly)