How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
A new question is answered every 9 seconds
Ask a Bankruptcy Law question
Type Your Bankruptcy Law Question Here...
characters left:
2 Bankruptcy Lawyers are Online Now

Bankruptcy Reaffirmation Agreement

Reaffirmation agreements are things that a person hears about when going through a bankruptcy. A person needs to know exactly what a reaffirmation agreement pertains to and what can be included in a reaffirmation agreement. Questions such as these and others are answered below by the Experts.

What is a reaffirmation agreement?

A reaffirmation agreement according to the United States bankruptcy laws is an agreement that is arranged by a creditor and their debtor that waives release of a debt that otherwise would have been released during the impending bankruptcy proceedings. If a reaffirmation agreement is executed in proper and timely manner, then the reaffirmation agreement is able to modify the release of the debt so that the subject debt is left inoperable.

What does, does the creditor assert that the debt is non dischargeable, mean in a reaffirmation agreement?

In a reaffirmation agreement, this means that a debt cannot be released during a bankruptcy proceeding. There are several debts that are not dischargeable in bankruptcy, things like alimony, student loans, federal taxes, state taxes and child support. If a creditor answers that the debt is not a non dischargeable then the debt maybe be released during the bankruptcy.

In a bankruptcy who’s responsibility is it to make sure the reaffirmation agreement is signed and filed in the court case?

The responsibility is the debtor and the debtor’s attorney to make sure that the reaffirmation agreement is signed and filed. It is their responsibility since the reaffirmation agreement is a protection for the debtor. The creditor may continue forward with the recovery of the property if the reaffirmation agreement is not filed. The creditor must provide the information that is needed for the reaffirmation outline and the reaffirmation agreement to the debtor and/or their attorney so that the reaffirmation agreement may be filed. The responsibility falls upon the debtor and/or their attorney to make sure that the forms are filled out with the proper information and then filed

How can a person make sure that the credit bureau received a reaffirmation agreement and payments?

For a person to be certain that a reaffirmation agreement and payments that are made, are being reported to the credit bureaus is to make sure that reporting to the credit bureaus is a requirement as a condition of the reaffirmation agreement with the creditor.

Does a person need a reaffirmation agreement for secured property if they have filed Chapter 7 and on the Statement of Intention have indicated that the property is exempt?

When a person files bankruptcy under chapter 7 they must file a statement of intent for their secured debts, such as houses or cars. The statement of intent is not binding; it is just a statement of what the debtor intends to do with these assets at the time of the filing. For a secured debt to make it through a bankruptcy the debtor needs to sign a reaffirmation agreement. The reaffirmation agreement is usually organized by the creditor and filed by the debtor in the bankruptcy case. However there are no requirements that a debt must be reaffirmed.

Making the decision to file bankruptcy is not an easy decision to make, and should not be entered into lightly. A person wants to make sure that they are protecting the things they need such as houses and cars. Looking into reaffirmation agreements is a good way to begin protecting the assets that need to survive the bankruptcy.
Ask a Bankruptcy Law question
Type Your Bankruptcy Law Question Here...
characters left:
2 Bankruptcy Lawyers are Online Now

How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
< Last | Next >
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther Woodstock, NY
  • Thank you so much for taking your time and knowledge to support my concerns. Not only did you answer my questions, you even took it a step further with replying with more pertinent information I needed to know. Robin Elkton, Maryland
  • He answered my question promptly and gave me accurate, detailed information. If all of your experts are half as good, you have a great thing going here. Diane Dallas, TX
 
 
 

Meet The Experts:

 
 
 
  • Ron

    ASE Certified Technician

    Satisfied Customers:

    21222
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
< Last | Next >
  • http://ww2.justanswer.com/uploads/FO/fordguy4u/2011-12-17_222940_HPIM1257.64x64.JPG Ron's Avatar

    Ron

    ASE Certified Technician

    Satisfied Customers:

    21222
    23 years with Ford specializing in drivability and electrical and AC. Ford certs and ASE Certs
  • http://ww2.justanswer.com/uploads/lyeung1/2010-07-25_032152_tn_IMG_0241.JPG Dr. Y.'s Avatar

    Dr. Y.

    Urologist

    Satisfied Customers:

    18398
    I am fellowship trained specializing in general urology and reconstructive urology.
  • http://ww2.justanswer.com/uploads/docjohn174/2008-12-13_170143_johnask.jpg John's Avatar

    John

    Home Appliance Technician

    Satisfied Customers:

    13453
    Appliance repair business owner for over 43 years.
  • http://ww2.justanswer.com/uploads/MU/multistatelaw/2011-11-27_173951_Tinaglamourshotworkglow102011.64x64.jpg Tina's Avatar

    Tina

    Lawyer

    Satisfied Customers:

    8496
    JD, BBA Over 25 years legal and business experience.
  • http://ww2.justanswer.com/uploads/dermdoc19/2010-09-30_160749_Photo_122807_015.JPG dermdoc19's Avatar

    dermdoc19

    Dermatologist

    Satisfied Customers:

    3857
    30 years practice in general and cosmetic dermatology
  • http://ww2.justanswer.com/uploads/BI/birddoctor/2012-6-22_173214_birddoctor.64x64.png Dr. Pat's Avatar

    Dr. Pat

    Bird Veterinarian

    Satisfied Customers:

    3384
    25+ years working primarily or exclusively with birds
  • http://ww2.justanswer.com/uploads/RY/rydergar/2012-6-6_192240_IMG0328.64x64.JPG Dr. Gary's Avatar

    Dr. Gary

    Cat Veterinarian

    Satisfied Customers:

    3299
    DVM, Emergency Veterinarian, BS (Physiology)