Reaffirmation Agreement Attorneys in Knoxville, TN
Serving Knox County
If you have a loan, such as a mortgage or car note, that you are unable to pay, you may be able to reaffirm the debt and get it discharged in
To reaffirm a debt, you must:
- Be current on all payments due on the loan at the time you file for bankruptcy
- Not have reaffirmed the loan more than six months before filing for bankruptcy
- Have the ability to make the reaffirmed payments
- Agree to make the reaffirmed payments
Reaffirming a loan can be helpful when you need to keep the asset, but it can also be risky. It is important to consult with an experienced attorney to discuss whether reaffirmation is right for you.
What Is a Reaffirmation Agreement?
A reaffirmation agreement is a contract between you and your creditor. It is a way for you to reaffirm your debt and keep your property. Reaffirmation agreements are usually used when you have been approved for bankruptcy and are looking to keep a car or house.
A reaffirmation agreement may be required for:
- A mortgage
- A car loan
- Any other secured debt
An agreement is made between you and your creditor that you will continue to make payments on the debt. You will be able to keep the property as long as you make your payments on time.
What Is the Process for Reaffirming a Debt?
If you choose to reaffirm your debt, the first step is to contact your creditor. Your creditor will need to know that you are filing for bankruptcy and that you want to reaffirm your debt. They will send you a reaffirmation agreement that you will need to sign and return to them.
Next, you will need to contact an attorney. An attorney will help you review the agreement and make sure that you understand the terms and the potential consequences. Once you have signed the agreement, you will need to send it to your creditor.
Your creditor will then send you a disclosure statement. This statement will have the details of your account, including the interest rate, the amount of the monthly payment, the date the account was opened, and the date the last payment was made. You must sign and return the disclosure statement to your creditor.
After you have signed the disclosure statement, your creditor will send it to the bankruptcy court. The creditor will then send you the reaffirmation agreement, along with a reaffirmation disclosure statement. You will need to fill out the reaffirmation disclosure statement and return it to the creditor. The creditor will then send the reaffirmed debt to the bankruptcy court.
After the reaffirmed debt has been sent to the court, you will need to make your payments on time. If you fail to make a payment on time, your creditor can ask the bankruptcy court to cancel the reaffirmation agreement. If the court agrees, the debt will be discharged and you will lose your property.
Why Choose The Law Offices Of Mayer & Newton?
If you are considering reaffirming a debt, it is important to consult with an attorney. An attorney can help you understand the risks and benefits of reaffirming a debt. The Law Offices Of Mayer & Newton can help you decide if reaffirmation is right for you and can help you create an agreement that is in your best interest.
Our attorneys have over 20 years of experience and are ready to help you.
To get started on your reaffirmation agreement, contact The Law Offices Of Mayer & Newton at (865) 328-7993 to speak with a reaffirmation agreement lawyer.
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