Gaushala Dharodi

Reaffirmation Agreement Sample

A reaffirmation agreement is an agreement between a debtor and a creditor that allows the debtor to keep certain assets such as a car or a house, which may have otherwise been repossessed or foreclosed. The reaffirmation agreement is used during bankruptcy proceedings and helps the debtor catch up on their payments after filing for bankruptcy.

If you are considering filing for bankruptcy, you may want to know more about reaffirmation agreements and how they work. Here’s a reaffirmation agreement sample to help you understand its structure.

Reaffirmation Agreement Sample

This reaffirmation agreement (“Agreement”) is made and entered into on __________ (date) by and between __________ (debtor name) and __________ (creditor name).

WHEREAS, the debtor desires to reaffirm the debt owed to the creditor, and the creditor agrees to enter into this Agreement with the debtor, subject to the terms and conditions set forth below.

NOW, THEREFORE, the parties agree as follows:

1. Reaffirmation of Debt

The debtor hereby agrees to reaffirm the debt owed to the creditor in the amount of __________ (amount) for __________ (nature of debt) owed to the creditor.

2. Payments

The debtor agrees to continue making payments on the reaffirmed debt in accordance with the original loan agreement or any amendments made to it. The payments will be made in U.S. dollars and sent to the creditor`s address as indicated in the original loan agreement or any amendments made to it. The debtor further agrees that any outstanding balance remaining on the reaffirmed debt at the end of the loan term shall be paid in full to the creditor.

3. No Discharge

The debtor understands and agrees that the debt reaffirmed under this Agreement will not be discharged in bankruptcy and will survive the bankruptcy proceedings.

4. Representations

The debtor represents and warrants that they have not made any fraudulent transfers of property or assets, and they have not concealed any property or assets from the bankruptcy estate. The debtor further represents and warrants that they are capable of making payments on the reaffirmed debt in accordance with the original loan agreement or any amendments made to it.

5. Binding Effect

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, representatives, successors, and assigns.

6. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of __________ (state).

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

Debtor`s Signature: __________

Printed Name: __________

Creditor`s Signature: __________

Printed Name: __________

This reaffirmation agreement sample provides an overview of what you can expect when entering into such an agreement. While this is a general template, it is important to consult with a bankruptcy attorney before signing any agreement. An attorney can provide advice and counsel regarding your specific situation.

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