
Motion to Approve Reaffirmation Agreement and Order Hawaii Form


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People also ask
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Can you negotiate a reaffirmation agreement?
Potential for better loan terms: Creditors might offer more favorable loan terms as part of the reaffirmation agreement. For example, you may be able to negotiate a lower interest rate, reduced monthly payments or an extended payment period, making the debt easier to manage.
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What is the reaffirmation process?
A reaffirmation agreement is a legally binding contract between a debtor and a creditor during a Chapter 7 bankruptcy proceeding. It allows the debtor to voluntarily commit to repaying a specific debt that would otherwise be discharged through the bankruptcy process.
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What happens when you reaffirm a debt?
Reaffirmation is an agreement by a debtor, to a lender, to repay some or all of their debt. Debtors make reaffirmation agreements purely voluntarily. When a borrower reaffirms a debt, this is noted by credit reporting agencies, which then register that the person will make regular, on-time payments.
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What does the judge do at a reaffirmation hearing?
At the reaffirmation hearing, the judge will explain any concerns he or she has with the terms of your agreement. In addition, the judge will ask you certain questions to determine whether reaffirming the debt is in your best interest.
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What does the judge do at a reaffirmation hearing?
At the reaffirmation hearing, the judge will explain any concerns he or she has with the terms of your agreement. In addition, the judge will ask you certain questions to determine whether reaffirming the debt is in your best interest.
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What happens if a reaffirmation agreement is denied?
If I deny the motion to reaffirm the debt, you are under no legal responsibility to pay the creditor, but the creditor can seek to repossess the collateral (if there is any). However the creditor cannot obtain a judgment against you for the amount you owe on this debt.
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What happens after reaffirmation agreement?
A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated the debt in your bankruptcy case. When you reaffirm a debt, you continue to be legally responsible for paying it back. This gives the creditor some legal rights.
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How long does it take to rescind a reaffirmation agreement?
The deadline to cancel a reaffirmation agreement is the later of these two dates: 60 days after the date the agreement is filed with the Court; or • the date the Bankruptcy Court issues a discharge in your case.
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