Bankruptcy Law

Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Bankruptcy Law

I recently filed an affirmation agreement on my autoloan with

Customer Question
my credit union. Does the...
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: 7 years ago.Category: Bankruptcy Law
Show More
Show Less
Ask Your Own Bankruptcy Law Question
Answered in 5 minutes by:
9/4/2010
Bankruptcy Lawyer: socrateaser, Attorney replied 7 years ago
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,498
Experience: Attorney and Real Estate Broker -- Retired
Verified

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.

 

Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Ask Your Own Bankruptcy Law Question
Customer reply replied 7 years ago
Is the date file with the court the date the judge approved it or the date the creditor filed the agreement?
Bankruptcy Lawyer: socrateaser, Attorney replied 7 years ago
It is the date stamped on the agreement by the bankruptcy court clerk.
Ask Your Own Bankruptcy Law Question
Customer reply replied 7 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?

Bankruptcy Lawyer: socrateaser, Attorney replied 7 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
Ask Your Own Bankruptcy Law Question
Customer reply replied 7 years ago

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

Bankruptcy Lawyer: socrateaser, Attorney replied 7 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.

Ask Your Own Bankruptcy Law Question
Customer reply replied 7 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.
Bankruptcy Lawyer: socrateaser, Attorney replied 7 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.

Ask Your Own Bankruptcy Law Question
Ask socrateaser Your Own Question
socrateaser
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,498
39,498 Satisfied Customers
Experience: Attorney and Real Estate Broker -- Retired

socrateaser is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate 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:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

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

< Previous | Next >

Meet the Experts:

Terry L.

Terry L.

Attorney

2,679 satisfied customers

Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

cortrightlaw

cortrightlaw

Attorney

511 satisfied customers

Attorney practicing Bankruptcy Law including Chapter 7, Chapter 11, Chapter 12, and Chapter 13.

JoeLawyer

JoeLawyer

Attorney

376 satisfied customers

Attorney in the practice of Bankruptcy Law since 1996

A.J.

A.J.

Attorney

262 satisfied customers

Experienced consumer bankruptcy attorney.

Fritz

Fritz

Attorney

209 satisfied customers

Florida attorney with extensive experience in Chapter 7 and Chapter 13 consumer bankruptcy cases

Law Girl

Law Girl

Attorney

153 satisfied customers

I am an attorney.

Paul K, Esq.

Paul K, Esq.

Attorney

141 satisfied customers

10 years Exp., Great customer service, Prompt responses.

< Previous | Next >

Related Bankruptcy Law Questions
I am the buyer on a land contract. The seller wants to get
I am the buyer on a land contract. The seller wants to get out of the contract to go with another offer/contract. They have threatened to file bankruptcy if we do not accept a small fee to walk from o… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Received a notice of automatic dismissal without the entry
Received a notice of automatic dismissal without the entry of a discharge. for failure to file documents. a/b, D, E/F,I,J,J2,statement of your current monthly, income BUT I filed these forms but at 2 … read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I had a hearing in bankruptcy court- does this mean I wasn't
I had a hearing in bankruptcy court- does this mean I wasn't supposed to defend myself against the one who called for the hearing?… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
Will my contracts with ATT, TV, and Cel phone be terminated
HI! will my contracts with ATT , TV, and Cel phone be terminated through bankruptcy 13 or 7? Thank you. … read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Rescinding a reaffirmation You've helped with this before
Rescinding a reaffirmation You've helped with this before but I'll give a quick update. 2000 behind on payments with 3000-6000 equity (depending on who you ask) ProSe for Reaff only, dealing with Asce… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
Regarding my chapter 7 ProSe on the Reaffirmation $2000
Regarding my chapter 7 ProSe on the Reaffirmation $2000 behind on payments, $6000 equity in car Obviously, we don't want to be Repo'd with all that equity.My husband went to the reaff hearing today an… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
Regarding my chapter 7 Reaffirmation hearing tomorrow,
Regarding my chapter 7 Reaffirmation hearing tomorrow, husband is going without me. $2000 behind on payments, 6000 equity in car. When I try to talk to the people at "ascension capital" who do Cap1's … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
I have to work on the day of the reaffirmation hearing. We
I have to work on the day of the reaffirmation hearing. We homeschool and are having a hard time finding daycare for a (very quiet and well behaved) 9 year old. Can we bring him? Maybe plug him into a… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
I have a contract with a California corporation and the
I have a contract with a California corporation and the consideration are Pref shares of the company. There are three payments; an initial payment, 2 years later and 4 year later. Paid in thirds. The … read more
TJ, Esq.
TJ, Esq.
Juris Doctor (JD)
11,263 satisfied customers
Assignment of an executory contract in bankruptcy or a
Assignment of an executory contract in bankruptcy or a workout. If a corporation underwent an involuntary wind down. Say an ABC (Assignment for the benefit of Creditors) would the "sale of all or subs… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
I have an Executory contract. A 10 year license of software.
I have an Executory contract. A 10 year license of software. We are the Licensor. The licensee has paid for the license with shares of its company (private). There are milestone payments. I believe th… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
This is a Chapter 7 case. The Debtor signed a reaffirmation
This is a Chapter 7 case. The Debtor signed a reaffirmation agreement less than 60 days ago and now wants to rescind it...the case is about to close, discharge was ordered but case is open for adminis… read more
Terry L.
Terry L.
Attorney
Doctoral Degree
2,679 satisfied customers
I received a letter from the united states bankruptcy court
i received a letter from the united states bankruptcy court southern district of new york … read more
Barrister
Barrister
Attorney/Landlord/Realtor
Doctoral Degree
35,358 satisfied customers
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed,
After a Chapter 7 Bankruptcy, an Equity loan was reaffirmed, but only by the husband. The wife never signed. Does this mean that the loan company now has lost consent? In her not reaffirming the loan … read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I filed bankruptcy and just received a notice saying
hello. I filed bankruptcy and just received a notice saying sheriffs notice of bankruptcy procedures. pursant to a creditors instructions under a writ of execution , the sheriff levied on and is curre… read more
DrakeLAW
DrakeLAW
Juris Doctorate
984 satisfied customers
Bankruptcy court trial hearing Brief needed. I am a
Bankruptcy court trial hearing Brief needed. I am a Creditor, already finished a Rule 2004 exam on Debtor, out of court. I must file brief and exhibits by this Friday.… read more
PaulmoJD
PaulmoJD
Attorney At Law
Doctoral Degree
106 satisfied customers
I missed my reaffirmation hearing due to I was in the
I missed my reaffirmation hearing due to I was in the hospital having brain surgery, what can I do to fix this so they don't take my car … read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers
I filed BK 7 ,in Chicago IL.I signed a Reaffirmation
I filed BK 7 ,in Chicago IL.I signed a Reaffirmation Agreemnet for my car.I see that it shows on my BK file. But I changed my mind and I would like to cancell/Rescind the Reaff Agreement. Whats the pr… read more
Phillips Esq.
Phillips Esq.
Attorney
Juris Doctor
18,377 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x