Can You Negotiate A Reaffirmation Agreement
- April 8, 2021
Once you and the lender have agreed to the terms of the confirmation agreement, you will sign the agreement and submit it to the court. At the “discharge hearing” just before the end of your bankruptcy, the judge will decide whether the agreement should be applied. After taking into account your income, the amount you owe the car and its value, the judge may decide that the confirmation creates unreasonable hardship for you or against your interests. If you still owe much more than the value of the car, a judge could not authorize confirmation. The chances of getting great confirmation offers on jewelry are very likely. If you go to a pawn shop, you`ll get only 1/4 of the value of your jewelry (regardless of whether you bought it in a large mall.) If you want to try, just go to the nearest pawn shop with your best possessions and see how much they offer. Once you are aware of the road value of your jewelry, you should have no trouble negotiating a figure that is half the amount you still owe. Let`s discuss some additional advice for negotiating confirmation agreements on different assets. Do you, like thousands of people, want to negotiate a confirmation agreement? The Chapter 7 Bankruptcy Confirmation Agreement helps you keep your properties secure for less. Here are some options to take advantage of some great deals while confirming your auto loans and other types of debt. If the lender accepts that they can keep the car and pay in accordance with the old agreement, the lender still has a pledge right and can recover the car if you default your payments. But if the car is removed (or you decide to return it), you don`t have to worry that there`s still a defect on the car (the lender`s amount, minus what the lender can sell the car for) — it`ll be erased after the end of your bankruptcy proceedings.
Old computers and other electronic devices are worthless and you can get a good confirmation agreement on them. However, if the items are less than a year old, the lender could be reinstated. If you want to keep a car you pay for, no matter what happens in your bankruptcy, you should continue to make your payments as planned. However, you have the choice to keep the car: you can either pay the lender a lump sum to buy the car at the current value (so-called withdrawal), or enter into a new contract (a so-called confirmation contract) that allows you to keep your car under the same conditions as changing sola from your original car (although this is negotiable). Option 2 – Negotiate better terms in exchange for signing the agreement. To make you personally “return to the burden” of the debt, the creditor will sometimes offer you better terms to encourage you to sign an RA and re-commit yourself personally to the debt. So you can try to negotiate with the creditor to improve the terms of your mortgage. You may be able to reduce the interest rate, reduce the balance owed, reduce the monthly payment or have your “current” account declared. 3.
Call the court at 253-882-3900 and ask them to “have a hearing to approve the confirmation agreement” for the creditor. If the judge refuses the confirmation agreement, you do not necessarily lose the car. After several forensic examinations, you can keep the car as long as you are aware of your payments. These courts justify that as long as you do what you are required to do by bankruptcy law (declare your intention to confirm, sign and file, and attend the discharge hearing), the fact that the judge disapproves of the agreement out of your control and should not lead you to abandon your car. It all depends of course on staying on demented on your payments. (See In re Moustafi, 371 Bankruptcy Reporter 434 (Bankr Ariz 2007).) You can read this case under www.georgiabankruptcyblog.com/moustafi.pdf.