
A Reaffirmation Agreement is an Agreement or Contract that the Chapter 7 Bankruptcy Debtor makes with a Creditor, in which the Debtor agrees to remain personally liable on a particular Debt that both the Creditor and Debtor are parties. Reaffirmation Agreements in Chapter 7 Bankruptcy are most commonly entered for automobile loans. The Debtor who wishes to retain his automobile may enter a Reaffirmation Agreement to pay all or a portion of the balance owed on the automobile loan. If the Debtor does not enter the Reaffirmation Agreement this Debt would be generally Discharged in the Bankruptcy. Some Debtors who file Chapter 7 Bankruptcy will not be requested by the Creditor for the automobile loan, to sign enter a Reaffirmation Agreement. Some other Creditors will aggressively demand that the Debtors enter a Reaffirmation Agreement, or such Creditors will seek return of the automobile. Some Judges hold the view that a Debtor must sign a Reaffirmation Agreement, or otherwise surrender the Collateral. The Bankruptcy Attorneys at Weller Legal Group can advise you on how a Reaffirmation Agreement may or may not apply to your particular situation. For a Reaffirmation Agreement to be valid and enforceable, it must be entered by both parties before the Discharge is entered in the Chapter 7 Bankruptcy. The Reaffirmation Agreement must contain certain terms also, in order to be considered valid and enforceable. The Reaffirmation Agreement must include in its terms, the amount of Debt that is being reaffirmed, how that Debt is calculated, and clearly state that the personal liability of the Debtor will not be Discharged as to the Debt that is the subject of the Reaffirmation Agreement. The Chapter 7 Bankruptcy Debtor will also be required to sign a statement that such Reaffirmation does not impose and undue burden or hardship. Income and expenses of the Debtor are considered in determining undue hardship. As your Bankruptcy Attorney, our obligations include to advise you as to the legal consequences of signing a Reaffirmation Agreement. If the Bankruptcy Judge determines that the Reaffirmation Agreement is worthy of disapproval either because the Bankruptcy Attorney does not additionally sign the Reaffirmation Agreement because he feels such Agreement creates an undue hardship upon his Client, or the Chapter 7 Bankruptcy Debtor is not represented by an Attorney, or other factors, the Bankruptcy Judge will then schedule a Hearing to determine the merits of the Reaffirmation Agreement.A Reaffirmation Agreement is an Agreement or Contract that the Chapter 7 Bankruptcy Debtor makes with a Creditor, in which the Debtor agrees to remain personally liable on a particular Debt that both the Creditor and Debtor are parties. Reaffirmation Agreements in Chapter 7 Bankruptcy are most commonly entered for automobile loans. The Debtor who wishes to retain his automobile may enter a Reaffirmation Agreement to pay all or a portion of the balance owed on the automobile loan. If the Debtor does not enter the Reaffirmation Agreement this Debt would be generally Discharged in the Bankruptcy. Some Debtors who file Chapter 7 Bankruptcy will not be requested by the Creditor for the automobile loan, to sign enter a Reaffirmation Agreement. Some other Creditors will aggressively demand that the Debtors enter a Reaffirmation Agreement, or such Creditors will seek return of the automobile. Some Judges hold the view that a Debtor must sign a Reaffirmation Agreement, or otherwise surrender the Collateral. The Bankruptcy Attorneys at Weller Legal Group can advise you on how a Reaffirmation Agreement may or may not apply to your particular situation. For a Reaffirmation Agreement to be valid and enforceable, it must be entered by both parties before the Discharge is entered in the Chapter 7 Bankruptcy. The Reaffirmation Agreement must contain certain terms also, in order to be considered valid and enforceable. The Reaffirmation Agreement must include in its terms, the amount of Debt that is being reaffirmed, how that Debt is calculated, and clearly state that the personal liability of the Debtor will not be Discharged as to the Debt that is the subject of the Reaffirmation Agreement. The Chapter 7 Bankruptcy Debtor will also be required to sign a statement that such Reaffirmation does not impose and undue burden or hardship. Income and expenses of the Debtor are considered in determining undue hardship. As your Bankruptcy Attorney, our obligations include to advise you as to the legal consequences of signing a Reaffirmation Agreement. If the Bankruptcy Judge determines that the Reaffirmation Agreement is worthy of disapproval either because the Bankruptcy Attorney does not additionally sign the Reaffirmation Agreement because he feels such Agreement creates an undue hardship upon his Client, or the Chapter 7 Bankruptcy Debtor is not represented by an Attorney, or other factors, the Bankruptcy Judge will then schedule a Hearing to determine the merits of the Reaffirmation Agreement.A Reaffirmation Agreement is an Agreement or Contract that the Chapter 7 Bankruptcy Debtor makes with a Creditor, in which the Debtor agrees to remain personally liable on a particular Debt that both the Creditor and Debtor are parties. Reaffirmation Agreements in Chapter 7 Bankruptcy are most commonly entered for automobile loans. The Debtor who wishes to retain his automobile may enter a Reaffirmation Agreement to pay all or a portion of the balance owed on the automobile loan. If the Debtor does not enter the Reaffirmation Agreement this Debt would be generally Discharged in the Bankruptcy. Some Debtors who file Chapter 7 Bankruptcy will not be requested by the Creditor for the automobile loan, to sign enter a Reaffirmation Agreement. Some other Creditors will aggressively demand that the Debtors enter a Reaffirmation Agreement, or such Creditors will seek return of the automobile. Some Judges hold the view that a Debtor must sign a Reaffirmation Agreement, or otherwise surrender the Collateral. The Bankruptcy Attorneys at Weller Legal Group can advise you on how a Reaffirmation Agreement may or may not apply to your particular situation. For a Reaffirmation Agreement to be valid and enforceable, it must be entered by both parties before the Discharge is entered in the Chapter 7 Bankruptcy. The Reaffirmation Agreement must contain certain terms also, in order to be considered valid and enforceable. The Reaffirmation Agreement must include in its terms, the amount of Debt that is being reaffirmed, how that Debt is calculated, and clearly state that the personal liability of the Debtor will not be Discharged as to the Debt that is the subject of the Reaffirmation Agreement. The Chapter 7 Bankruptcy Debtor will also be required to sign a statement that such Reaffirmation does not impose and undue burden or hardship. Income and expenses of the Debtor are considered in determining undue hardship. As your Bankruptcy Attorney, our obligations include to advise you as to the legal consequences of signing a Reaffirmation Agreement. If the Bankruptcy Judge determines that the Reaffirmation Agreement is worthy of disapproval either because the Bankruptcy Attorney does not additionally sign the Reaffirmation Agreement because he feels such Agreement creates an undue hardship upon his Client, or the Chapter 7 Bankruptcy Debtor is not represented by an Attorney, or other factors, the Bankruptcy Judge will then schedule a Hearing to determine the merits of the Reaffirmation Agreement.