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Form 240B Order on Reaffirmation Agreement 107

Form 240B Order on Reaffirmation Agreement 107

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Instructions and help about Form 240B Order On Reaffirmation Agreement 107

[Music] what is a reaffirmation agreement hi I'm Sam turo and I practice bankruptcy law throughout the state of Nebraska and let's answer this question a reaffirmation agreement is something we only use in chapter 7 cases and it's used so that we can retain the collateral that is securing a particular loan typically a car loan a house loan loan or Furniture loan those are pretty much the three categories that we sign reaffirmation agreements on now a reaffirmation agreement as I said is voluntary you're not required to sign it you don't have to continue those loan payments but most people filing chapter 7 definitely want to keep their car loan their house loan and their Furniture loans they don't want to lose those items when they file bankruptcy a reaffirmation agreement basically pulls out that debt out of the bankruptcy process and when the bankruptcy case is completed if a reaffirmation agreement has been signed it's like you

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