{"id":1842,"date":"2010-07-19T09:58:09","date_gmt":"2010-07-19T09:58:09","guid":{"rendered":"http:\/\/www.covstravels.com\/?p=1842"},"modified":"2026-06-03T08:56:59","modified_gmt":"2026-06-03T12:56:59","slug":"reaffirmation-agreement","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/reaffirmation-agreement\/","title":{"rendered":"What is a Reaffirmation Agreement?"},"content":{"rendered":"

After filing a\u00a0Chapter 7 bankruptcy<\/a> and after your\u00a0creditor\u2019s meeting<\/a>, the creditor that you owe for your house or car may send a document called a Reaffirmation Agreement <\/strong>to your attorney. A reaffirmation agreement is a document that your attorney will help you fill out. You have a choice of whether or not to sign a reaffirmation agreement. It asks for your monthly household income, monthly household expenses, and how much you still owe on your house or car. The document also asks how much your monthly payment is on your house or car, and will ask you and your attorney if you have enough money each month to make your payment on the debt that is referred to in the reaffirmation agreement.<\/p>\n

Let\u2019s pretend you have one mortgage and two car payments. You will receive a reaffirmation agreement for each of those payments \u2013 for a total of three reaffirmation agreements. Your attorney will guide you in which of the document should be filled out. In North Carolina, the bankruptcy Judges have discouraged the signing of reaffirmation agreements for real property (in other words, your mortgage) unless there is a change in the interest rate or monthly payment under the reaffirmation agreement. Reaffirmation agreements are most often signed for vehicles. In most districts, if you do not sign the reaffirmation agreement for your vehicle, then the creditor has the right to repossess the car.<\/p>\n

If you do sign the reaffirmation agreement for a car payment, and the document shows that you are able to afford the monthly payment, when the document is submitted to the court, there will generally not be any problems. You will get to keep your car as long as you keep making the payments. However if, in the future, you are unable to make your car payments, the creditor has the right to repossess the car and you will be responsible for any deficiency balance after the repossession. If you sign the reaffirmation agreement but the document does not show that you are able to afford the monthly car payment, there will be a court hearing in front of the bankruptcy Judge for you and your attorney to explain why you should be able to keep your car.<\/p>\n

If you do not sign the reaffirmation agreement for a car payment, the creditor will have the right to repossess your car. If you do not sign the reaffirmation agreement for a house payment, you will be able to keep your house as long as you continue making the payments. If, in the future, you are unable to continue making your house payment, the creditor will have the right to foreclose on your home BUT you will not be responsible for any deficiency balance after the foreclosure.<\/p>\n

Reaffirmation agreements can be complicated, but your attorney will guide you through the process. Reaffirmation agreements are to be submitted to the court no later than 45 days after your first scheduled creditors\u2019 meeting date. If you have not heard from your attorney regarding your reaffirmation agreement within 3 weeks after your creditors\u2019 meeting, contact your attorney so that they can request the reaffirmation agreement from the creditor.<\/p>\n

If you have any questions or would like to learn more about\u00a0filing bankruptcy<\/a>, contact Duncan Law in\u00a0Charlotte, NC<\/a> or\u00a0Greensboro, NC <\/a>for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

A reaffirmation agreement is a legally binding document filed with the bankruptcy court in which you agree to keep making payments on a debt. For example, you are required to sign a reaffirmation agreement if you would like to retain personal property, such as an automobile, and keep making payments after filing your bankruptcy.<\/p>\n","protected":false},"author":3,"featured_media":1816,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4165],"tags":[],"class_list":["post-1842","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-chapter-7-bankruptcy","post_format-post-format-video"],"yoast_head":"\nReaffirmation Agreement in Bankruptcy | Duncan Law<\/title>\n<meta name=\"description\" content=\"A reaffirmation agreement lets you keep a car or home after Chapter 7 by staying liable for the debt. 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