Bankruptcy B240A/B ALT 2011-2024 free printable template

Note also If you complete Part E you must prepare and file Form 240C ALT - Order on Reaffirmation Agreement. B240A/B ALT Form 240A/B ALT Reaffirmation Agreement 12/11 G Presumption of Undue Hardship Check box as directed in Part D Debtor s Statement in Support of Reaffirmation Agreement. Consult your credit agreement. Form 240A/B ALT - Reaffirmation Agreement Cont. ANNUAL PERCENTAGE RATE The annual percentage rate can be disclosed in different ways depending on the type of debt. UNITED STATES...

How to fill out reaffirmation agreement form 2011-2024

How to fill out reaffirmation agreement form:

1. Gather all necessary documentation such as the original loan agreement, current financial statements, and any other relevant information.
2. Carefully read through the reaffirmation agreement form, paying attention to all the terms and conditions.
3. Fill in the required personal information, including your name, address, and contact information.
4. Provide details about the loan being reaffirmed, such as the creditor's name, account number, and outstanding balance.
5. Review the terms of the reaffirmation agreement, including the repayment terms, interest rate, and any special conditions.
6. Consult with a legal professional if you are unsure about any aspect of the form or if you have any concerns.
7. Sign and date the reaffirmation agreement form, and make a copy for your records.
8. Submit the completed reaffirmation agreement form to the appropriate party, typically the creditor or their legal representative.

Who needs reaffirmation agreement form:

1. Individuals who have filed for bankruptcy and want to continue paying off certain debts.
2. Creditors who wish to maintain a legally binding agreement with the debtor despite the bankruptcy proceedings.
3. Lenders who want to ensure repayment of the loan amount and protect their rights to the collateral involved in the loan agreement.

• Who Needs Reaffirmation Agreement?
• What is Reaffirmation Agreement for?
• Is Reaffirmation Agreement Accompanied by Other Forms?
• • When Is Reaffirmation Agreement Due?
  • How Do I Fill out Reaffirmation Agreement?
  • Where Do I Send Reaffirmation Agreement?

Who Needs Reaffirmation Agreement?

Reaffirmation Agreement is a contract between a creditor and a debtor ?included after a bankruptcy case. The agreement must also be signed by the lawyer and filed with the court.  

What is Reaffirmation Agreement for?

The agreement allows a debtor to continue business relationship or keep the property that was put as security for the debt. Although secured debts are also canceled after an individual files for bankruptcy, a creditor still has right to sell collateral property. To avoid it, an individual can enter into reaffirmation agreement with a lender. However, there are some disadvantages of such an agreement. First, if an individual keeps the debt and isn’t able to pay it off, a creditor can repossess the property. Secondly, after an individual has filed for bankruptcy they will have to wait for eight years before they are able to cancel the debt under Chapter 7. So, consider entering into reaffirmation agreement:

• If the property you’d like to keep is of great importance to you
• If you don’t have enough money to redeem the property
• If a creditor agrees to accept the property at its face value to cover the whole debt.

Is Reaffirmation Agreement Accompanied by Other Forms?

Besides reaffirmation agreement you must fill out two court forms, Form 27 and Form 240A.

When Is Reaffirmation Agreement Due?

Generally, reaffirmation agreement is filed with the court before an individual legally becomes bankrupt.  

How Do I Fill out Reaffirmation Agreement?

Reaffirmation agreement is nine pages long. It is split into several parts each marked with a letter. Part A accounts for instructions and notices for a debtor. Part B is an actual reaffirmation agreement signed by the debtor and a creditor. Part C is for certification by debtor’s attorney. In Part D a debtor makes statement to support reaffirmation agreement. Finally, Part E stands for the motion of court approval.

Where Do I Send Reaffirmation Agreement?

Reaffirmation agreement is filed with the court where the hearing takes place and then send to the creditor. Its copy is kept by the debtor for the records.

Video instructions and help with filling out and completing reaffirmation agreement form

Instructions and Help about form 240a reaffirmation agreement

Good afternoon this is Roger guide chapter 7 attorneys calm I wanted to talk this afternoon about a topic matter that often comes up with clients and that is the reaffirmation agreements and what they are a reaffirmation agreement relates to secured property that is for example property that the creditor can take back in case you don't pay them for example furniture if you're still paying on furniture or a vehicle or home things of that nature it could be a motorcycle could be a boat could be something like that but a reaffirmation agreement within the context of bankruptcy law is really a's a new contract and if you do have secured property that you are trying to keep in a bankruptcy case you're going to have to sign a reaffirmation agreement with the credit or in order to be able to keep that and the in the next step is after it has been signed is that that agreement then is filed with the bankruptcy court it's part of the permanent bankruptcy record of your bankruptcy case and that contract actually survives the bankruptcy and what that means is this after you get your discharge your chapter 7 bankruptcy discharge you cannot get out of that contract with that creditor they can sue you they can garnish you they can collect they can do all that collection activities if is you do not honor that contract after you have been discharged from your chapter 7 bankruptcy, so you want to make sure that you can afford actually whatever that a payment is going to be each month on that property otherwise you're going to be in a similar that you were in prior to filing the bankruptcy the other thing is to that the lawyer has to agree your bankruptcy lawyer has to agree and sign off on that reaffirmation agreement probably the courts not going to prove it in fact in the Raymond decision what happened was the clients had wanted to reaffirm they wanted to keep their vehicle they wanted to continue to make payments on that vehicle after they got out of their bankruptcy the problem was that the vehicle is worth about five thousand dollars and that the agreement that they were going to be signing called for them to make payments are obligated them to make payments of about eight thousand dollars and so in the Raymond case the bankruptcy lawyer would not sign off on it and the result was that the judge also would not approve even though the Raymond's had signed it even though the creditor had signed it the fact that their attorney did not sign it was a reason that allowed the judge to not approve the agreement and so the is a real simple process typically these agreements are approved by the court typically your lawyer will go ahead and sign off on the agreement but every now, now then you're going to run into an issue where the lawyer might not admit that's sort of the result if you have any questions about reaffirmation agreements or any other bankruptcy questions in general please call me I'm available at seven zero seven nine to 1000, and I have 11 Metro the...

For pdfFiller’s FAQs

What is the purpose of reaffirmation agreement form?

A reaffirmation agreement is a form used by a creditor and a debtor to reaffirm a debt that would otherwise be dischargeable in bankruptcy. This agreement allows the debtor to keep the property that is collateral for the debt, such as a car or house, and continue payments on the loan.

What information must be reported on reaffirmation agreement form?

A reaffirmation agreement form must include the following information: the debtor's name; the creditor's name; the date of the agreement; a description of the debt that is being reaffirmed; the payment terms of the agreement; the total amount of debt; and the debtor's signature.

What is reaffirmation agreement form?

A reaffirmation agreement form is a legal document that allows a debtor to agree to continue making payments on a specific debt even after filing for bankruptcy. This agreement is typically used for loans or debts that the debtor wishes to retain or continue repaying, such as a car loan or a mortgage. By signing the reaffirmation agreement, the debtor essentially waives the dischargeability of the debt and promises to continue fulfilling the financial obligations associated with it. The form outlines the terms of the agreement, including the outstanding balance, interest rate, repayment schedule, and other relevant details. It is typically filed with the bankruptcy court for approval.

Who is required to file reaffirmation agreement form?

A reaffirmation agreement is a legal document that allows a debtor to continue paying a debt even after filing for bankruptcy. In the United States, the Bankruptcy Code requires debtors to file a reaffirmation agreement form with the bankruptcy court. The party required to file the reaffirmation agreement form is the debtor, usually with the assistance or approval of their attorney.

How to fill out reaffirmation agreement form?

Filling out a reaffirmation agreement form typically involves the following steps: 1. Obtain the form: You can typically obtain a reaffirmation agreement form from the lender or creditor with whom you want to reaffirm the debt. They may provide a physical form or a digital version that can be downloaded from their website. 2. Read the form carefully: Take the time to read through the entire form to understand the terms and conditions of the reaffirmation agreement. Pay attention to details such as the debt amount, interest rate, repayment terms, and any other provisions that may impact the agreement. 3. Provide personal information: Fill in your personal information accurately. This typically includes your name, address, contact information, and other identifying details such as your social security number or account number. 4. Identify the debt: Clearly identify the debt that you want to reaffirm by providing the necessary details. This may include the creditor's name, account number, or any other reference information that can uniquely identify the debt. 5. Review the terms and conditions: Carefully review the terms and conditions outlined in the form, paying special attention to any obligations, liabilities, or other provisions that you may be agreeing to in the reaffirmation agreement. 6. Seek legal advice if necessary: If you have any concerns or doubts about the terms of the reaffirmation agreement, it may be advisable to seek legal advice before signing the form. An attorney can help you understand the implications of the agreement and ensure it is in your best interest. 7. Sign and date the form: Once you have carefully reviewed the form and are satisfied with its terms, sign and date the reaffirmation agreement. Keep a copy for your records and submit the completed form to the creditor or lender as instructed. It is important to note that reaffirming a debt is a serious decision that may have long-term financial implications. It is advisable to consider alternatives, such as debt negotiation or bankruptcy counseling, before committing to a reaffirmation agreement.

What is the penalty for the late filing of reaffirmation agreement form?

The penalty for the late filing of a reaffirmation agreement form may vary depending on the specific jurisdiction and the rules set by the bankruptcy court. In general, if the reaffirmation agreement is not filed by the deadline set by the court, it may be deemed invalid and could potentially be denied by the court. This means that the debtor would not be able to continue with the reaffirmation of the debt, and it would no longer be considered legally binding. Additionally, failure to file the reaffirmation agreement on time may result in the lender taking further action, such as repossessing the collateral, if applicable. This could have serious implications for the debtor's financial situation. It is important to consult with an attorney or speak with the court handling the bankruptcy case to determine the specific penalties and consequences for late filing of a reaffirmation agreement in your jurisdiction.

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