What Is a Reaffirmation Agreement?
- must be voluntary;
- must not place too heavy a burden on you or your family;
- must be in your best interest; and
- can be canceled anytime before the court issues your discharge or within 60 days after the agreement is filed with the court, whichever gives you the most time.
Sometimes the court holds a hearing to decide whether to approve the reaffirmation agreement. If so, the agreement will not be legally binding until the court approves it.
If you reaffirm a debt and then fail to pay it, you owe the debt the same as though there was no bankruptcy. The debt will not be discharged and the creditor can take action to recover any property on which it has a lien or mortgage. The creditor can also take legal action to recover a judgment against you.
To help ease the stress of considering your options, we offer a free 15 minute consultation. Call Van Epps & Van Epps today at (989) 723-6777, or complete the contact form provided on this site to arrange for your free consultation.
Contact us for your free consultation today.