If you did not reaffirm the debt during the bankruptcy, it should be listed as discharged, even if you keep the property and continue to make payments on the loan. Post-bankruptcy payments and delinquencies on such debts will not show on your credit report.
Jun 06, 2011 · The reaffirmation agreement contains places for the signatures of the bank, your lawyer, and you. Signing the reaffirmation agreement results in the debt surviving the chapter 7 bankruptcy discharge, and your liability for the reaffirmed debt continues on,unaffected by the discharge of debts. The problem is that your lawyer might refuse to sign it. Yes, you read that …
This particular person may have been helped by the fact that the debt wasn’t reaffirmed since reaffirmed or not, a car can be repossessed if the loan payments fall behind. However if the debt wasn’t reaffirmed, then all the creditor can do is pick up the car and sell it and this debtor could not be sued for any balance owed.
Dec 14, 2016 · If your attorney represents you on a Reaffirmation, the bankruptcy judge must still sign off on your reaffirmation agreement if your budget indicates you cannot afford to make the payment. But if your attorney is not willing to represent you on a reaffirmation, the bankruptcy judge will have to carefully and completely review whether or not the reaffirmation offered to …
Reaffirmation in Chapter 7 bankruptcy is voluntary. If the creditor does not want to reaffirm, you have no right to force a reaffirmation. Under the BAPCPA changes to the Bankruptcy Code, you, as the debtor, are required to state your intention within 60 days of the 341 hearing.
To reaffirm a car loan, you must be able to show the court that the vehicle is necessary and that the payment is reasonable. You must also be able to show that the car payment isn't an undue hardship on your household (you'll still be able to afford the necessities of life).
You can choose to keep the car and continue paying without reaffirming. You take your chances that the lender will repossess the car, but you also keep the benefits of the bankruptcy discharge.
For instance, if you reaffirm your car note and then default on your payments after bankruptcy, the creditor can (and probably will) repossess the car, auction it off, and bill you for the difference between what you owe and what the trustee received at auction.
An executed reaffirmation agree- ment may be filed by any party, including the debtor or a creditor. It must be filed within 60 days after the first date set for the first meeting of creditors in the bankruptcy case unless the deadline is extended by the bankruptcy court.
If you don't 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.
Reaffirming the debt gives it new life -- you're once again legally obligated to pay it. If you don't make the mortgage payments, the lender can foreclose and your bankruptcy won't stop this from happening. You'd also still be liable for any deficiency balance after the property's sale.
A reaffirmation agreement is a contract that promises to repay a debt, which would have otherwise been discharged in bankruptcy. Reaffirming a debt means that you are recommitting to the terms of the loan. In most cases, it will be as if you never filed for bankruptcy as to that debt.Dec 15, 2018
In a Chapter 7 bankruptcy, it is sometimes a bad idea to reaffirm certain types of debts. Reaffirm means you re-obligate yourself on the debt. Or in other words, you legally agree to treat the debt as if you have never filed Chapter 7 bankruptcy against it. ... An unsecured debt has no collateral that backs up the debt.
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If you decide to reaffirm a debt, you must do so before the discharge is entered. You must sign a written reaffirmation agreement and file it with the court. The Bankruptcy Code requires that reaffirmation agreements contain an extensive set of disclosures.Apr 7, 2021
Reaffirming a debt allows you to keep the property securing the debt, which can be a real advantage in some cases. It also allows you to avoid having to come up with a lump-sum payment to keep the property.
Can you file a reaffirmation agreement after discharge? Once a discharge order has been entered in your bankruptcy case, you can no longer reaffirm any of the debts that were included in the discharge agreement. The same goes for if your case has been closed by the court.Jan 13, 2021