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Bankruptcy Reaffirmation Agreement Form

Bankruptcy Reaffirmation form is an agreement held between the creditor and a debtor. When a person files for a loan he gets it as far as he provides the creditor an item as a security that would ensure that if he is unable to pay the loan in future the creditor gets his money by selling that property.

When a person files for bankruptcy he is wiped out of most of his debts. But if he signs a reaffirmation form though he still would be liable to pay the debt he gets to keep the item he had earlier put as a warranty.

It is important to note that if a person signs this agreement and then later fails to pay back the debt the creditor can sue him and garnish his earnings.

This form is usually provided by the bankruptcy court which will be filled and signed by both the parties. In addition to this, it has a section which would be filled by the bankruptcy attorney so that it could be demonstrated to the bankruptcy court that you have the ability to pay back the loan.

If you have a negative balance in your account and have a low monthly income it can be difficult to get the loan unless a friend helps you. An attorney would have to give surety that the loan would not cause you undue hardships.

The form gets updated every year according to the changing laws of the country but there are certain things that are an integral part of the contract and should be present in it to be acceptable. These include:

  • Creditor’s name
  • Amount of the debt
  • Rate of interest
  • A complete description of the collateral
  • The market value of the collateral
  • Total monthly income, expenses of the creditor
  • Signatures of the debtor and the creditor

Constructing a reaffirmation form can be very difficult and can cost you a lot of time. To ease up things for you we here provide different templates with variations that leave you with a number of options to choose from.

These templates contain all the features required by a reaffirmation form to get accepted. These templates can be edited giving the person freedom to modify the form according to the laws and add information to it effortlessly.

Why wait now, scroll through all the different templates available and select the one according to your need and use it for your necessity.

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Bankruptcy Reaffirmation Agreement Form

Bankruptcy Reaffirmation Agreement Form

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