When you file for bankruptcy, you may be required to sign a reaffirmation agreement with a creditor. This agreement essentially allows you to keep certain assets that are otherwise subject to seizure during the bankruptcy process. But who files the reaffirmation agreement?
To answer this question, it’s important to understand a bit about the reaffirmation process. When you file for bankruptcy, you’ll need to list all of your debts and assets in your petition. This includes any secured debts, such as a car loan or mortgage. In some cases, the creditor may demand that you sign a reaffirmation agreement if you want to keep the asset. This agreement is a legally binding contract that essentially reinstates the debt and allows you to keep the asset in question.
So, who files the reaffirmation agreement? It’s typically the debtor’s responsibility to file the agreement with the court. However, the creditor will often provide the necessary paperwork and may even file it on your behalf. It’s important to note that filing a reaffirmation agreement is a serious decision, as it essentially means that you’ll be responsible for the debt even after your bankruptcy case is closed. It’s important to consider your ability to repay the debt before signing the agreement.
To file a reaffirmation agreement, you’ll need to complete the necessary paperwork and file it with the court. This typically includes a form known as the Reaffirmation Agreement Cover Sheet or a similar document. You’ll need to provide information about the creditor, the debt in question, and your ability to repay the debt.
It’s important to work closely with your bankruptcy attorney throughout the reaffirmation process. Your attorney can help you understand the implications of signing a reaffirmation agreement and can advise you on whether it’s in your best interest to do so. If you’re unsure about whether to sign the agreement or have any questions about the reaffirmation process, don’t hesitate to speak with your attorney.
In summary, who files the reaffirmation agreement ultimately depends on the creditor’s policies. While the debtor is typically responsible for filing the agreement with the court, the creditor may provide the necessary paperwork and file it on your behalf. It’s important to carefully consider the implications of signing a reaffirmation agreement and to work closely with your bankruptcy attorney throughout the process.