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What do you do after filing Chapter 7 FMCC declares that in CA no reaffirmation agreements apply and are not accepted?
Wiki User
∙ 10y ago
Soooo, what is your question? FMCC doesnt want to reaffirm your loan. Dont they have a choice? give them the car.Ask your b/k attorney about it.
Wiki User
∙ 10y ago
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What is a Reaffirmation agreement in chapter 7 bankruptcy?
A reaffirmation agreement is an agreement between the debtor and the lender that the underlying debt with not be discharged in bankruptcy. The debtor will remain personally liable for repaying the debt even after the bankruptcy.
Can you reaffirm unsecured debts when filing a chapter 13?
No. Reaffirmation of debt is an option only in Chapter 7. Your unsecured creditors are paid according to your plan in chapter 13. Five requirements exist under the Bankruptcy Code in order to determine whether a reaffirmation agreement is valid: 1. The reaffirmation agreement must be entered into prior to discharge and it must then be filed with the court; 2. The agreement has to state that the debtor has the right to rescind the agreement either within 60 days after it�s filed or prior to discharge (whichever comes later); 3. If the debtor is represented by an attorney, the attorney has to sign and provide an affidavit verifying that the agreement is voluntary and does not impose an undue hardship on the debtor; 4. The debtor did not rescind the agreement within the required time; 5. That the agreement complies with the requirements of �524(c); and 6. If the debtor is not represented by counsel then the court will approve the reaffirmation agreement if no undue hardship is imposed and the reaffirmation is in the best interest of the unless it�s a consumer debt that�s secured by real property. Reaffirmation agreements are usually signed when the debtor wants to keep property that is security for a loan such as a house or car. It would be very unlikely for a court to approve the reaffirmation of an unsecured debt. However, there is nothing to prevent you from voluntarily paying the debt despite the discharge of the debt.
What chapter in David Elkind's book The Hurried Child mentions contractual agreements between parents and children?
Chapter 10
Can a car be repossessed AFTER chapter 13 filing in Missouri?
Yes. Only if there was a relief of stay issued for the vehicle or you signed a reaffirmation for the vehicle loan and didn't make the payments.
If an LLC declares bankruptcy how are owed employee wages handled?
If an LLC declares Chapter 11 bankruptcy the employees wages will continue to be paid as normal. However, under a Chapter 7 bankruptcy, the employees are listed as creditors, and wages are paid out with other creditors from any remaining assets, if any remain.
What is certificate of an ongoing debt In relation to Bankruptcy petition.?
This is not a term used in US bankruptcy courts. In a Chapter 7, when a secured debt is to continue as a debt, the debtor must file a Statement of Intention with regard to secured debt and may also have to sign a Reaffirmation Agreement which the lender files with the court. Many court require a hearing to determine if the reaffirmation will defeat the purpose of the bankruptcy.
Is the cosigner still liable if he did not sign a reaffirmation agreement in a chapter 7?
No. If a co-signer filed Chapter 7 bankruptcy and did not sign a reaffirmation agreement on the debt, then that co-signer is no longer liable on the debt. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts and law, which I do not warrant, and I am not suggesting any course of action or inaction to any person. Speak to a lawyer for specific advice. If you have any questions, please refer to a lawyer in your jurisdiction. Thanks!
Does reaffirmation apply to ch 13 And if so and your mortgage was not reaffirmed can the mortgage company foreclose if mortgage payments are current How about after discharge of the debt?
Reaffirmation does apply to Chapter 13 bankruptcies, and the benefit of filing a Chapter 13 case is that you are usually able to retain your home (as opposed to a Chapter 7 case, where all of your assets are normally sold). Customarily, the debtor and lender enter into an agreement within the bankruptcy to cure the arrearages over a period of time while the debtor continues to make monthly payments. That said, if the debtor falls behind on the payments, the lender can petition the court for relief from the automatic stay and proceed to foreclosure. A lender may never foreclose if the mortgage payments are current and the debtor is in compliance with the other provisions of the mortgage. If your lender is foreclosing and you believe that you have made your payments on time (or adequately cured the arrearage in the bankruptcy), then you should contact an attorney immediately.
In a chapter 7 bk- if a car company send you a reaffirmation contract- can they later say that you cannot reaffirm the debt because the loan is matured and they are not willing to take payments?
are u referring to a lease? its not unusual for them to not honor it, but they usually do 4 a retail contract
Where is an Advanta card accepted?
Avanta credit cards are no longer accepted anywhere. This bank was shut down and filed for bankruptcy under Chapter 11 in November of 2009.
What is the chapter and verse in the NIV bible that declares Glory to God in the Highest?
The chapter and verse in the NIV bible that delcares gory to god in the highest is psalms 19:1. A more complete quote is "The heavens declare the glory of God; and the firmanent sheweth his handywork."
What does Gastby want Daisy to do in chapter 6?
In chapter 6, Gatsby wants Daisy to tell Tom that she never loved him and to leave him for Gatsby. He believes that if Daisy publicly declares her love for him, their relationship could finally be realized.
