
Reaffirmation Agreement West Virginia Form


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People also ask
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What is the purpose of the reaffirmation?
By reaffirming, the employee is essentially stating that they have no knowledge of any wrongdoing by the employer that would form the basis of a claim. Reaffirmation clauses are often included in settlement agreements to provide the employer with additional protection against future legal action by the employee.
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Why might someone choose to reaffirm a particular debt?
Choosing to reaffirm a debt may be due to a variety of reasons. One such reason is when a friend or a family member is a cosignatory of the particular debt and the debtor does not want to burden this person. Another reason is to keep possession of a collateral (e.g. car, house) while trying to repay the debt.
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Can you reverse a reaffirmation agreement?
Yes. You can cancel (or “rescind”) your reaffirmation agreement, even if a judge has already approved it. NOTE: WE STRONGLY RECOMMEND THAT YOU SPEAK WITH AN ATTORNEY TO ADVISE YOU ABOUT THE CONSEQUENCES OF CANCELLING A REAFFIRMATION AGREEMENT IN YOUR CASE.
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What is the purpose of a reaffirmation agreement?
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 a reaffirmation agreement do?
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.
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What happens if mortgage is not reaffirmed?
Without reaffirmation, the lender may not report your payments to credit bureaus, limiting your ability to rebuild credit. Additionally, failing to reaffirm can leave you in a precarious ownership position.
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