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Court Denied Reaffirmation Agreement

The court does not rule on the confirmation agreement in general In re Jerry and Carol Fields, case 12-39084, which you can read on this website, U.S. bankruptcy judge Letitia Paul refused approval of the confirmation agreement that the debtors have entered into with Green Tree Servicing, LLC. As the purpose of bankruptcy is to give a fresh start to the spin, bankruptcy courts are often reluctant to approve confirmation agreements. This is especially true when the car is upside down (because the debtor owes the loan more than the value of the vehicle). As a result, many confirmation agreements are not approved by the Tribunal. First, the lenders want you to sign them and the judge approves them. That should give you a break. Rarely do anything they think will benefit you. A creditor who has a right to pledge to your vehicle wants you to sign a confirmation agreement because it gives them the opportunity to sue you personally if you become insolvent for payments in the future.

In the past, a debtor could simply continue to pay for the vehicle. If they could not hold the payments for some reason, they could lose the car, but the creditor could not sue for the default (the difference between what was owed on the loan and the amount for which they could sell the car after they had taken it back, plus fees, storage, etc.). A confirmation of the debt is simply the debtor`s payment agreement, even if he could settle the debt through bankruptcy. In many cases, a loan is confirmed for the family`s home or car. From time to time, the bankruptcy court or lender will not confirm the credit, even if you have kept the payments up to date. In these cases, you must consider why the court or lender refused to confirm it. Maybe it`s in your best interest. Once the court has approved the confirmation agreement, the personal responsibility of the spinner for the auto loan survives the introduction of the discharge. If all the remaining payments for the loan are fully paid, it is essentially as if the bankruptcy had never occurred. If the person is unable to make the payments as they mature, the bank can take back the car and, as the debts have not been paid, take legal action against the outstanding balance. Yes, a judge may refuse a confirmation agreement, even if it is a voluntary agreement between the lender and the borrower. We have discussed the basis of confirmation agreements within this function, and we also have contributions on auto affirmations and house employment.

A confirmation agreement is in theory a voluntary agreement between you and a lender, in which you waive the debt and the lender agrees to continue making payments and granting you the Conservatives. Many bankrupt people, especially those who decide to try without a lawyer, think that confirmation is necessary and that this idea usually comes from the lender (and sometimes from lawyers who don`t know what they`re doing).

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