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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.
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