QUESTION
When is it appropriate to start paying a reaffirmed debt, Chapter 7 Bankruptcy?
Asked on Aug 14th, 2012 on Bankruptcy - Florida
More details to this question:
Filed pro-se in Arizona. Hopefully a quick question, when is it apropriate to start paying a reaffirmed debt? Bank sent reaffirmation paperwork, I signed and returned to them. Was filed with the court and I have the questionanaire from the court now. (Are you behind, did they offer concessions, etc..) I am assuming the are you behind would be yes as it has not been paid since filing, but my real question - do I pay again now that it is filed, or do I wait for the hearing so the judge can approve it?
11 ANSWERS
Burton J. Green
If your reaffirmation agreement needs to be approved by the judge, you should not begin paying until that happens. The judge may not approve your agreement just because you and the creditor agreed to it.
Answered on Aug 16th, 2012 at 2:06 PM
If it is a car, then just make the payment you agreed to make? If it is anything else, it was a dumb idea to reaffirm and just let it go.
Answered on Aug 16th, 2012 at 2:05 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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I would get the forms approved by the court first? If they don't approve, the bank may be forced to make concessions to meet the bankruptcy court's objections.
Answered on Aug 16th, 2012 at 2:05 PM
William C. Gosnell
30 days from signing.
Answered on Aug 16th, 2012 at 2:05 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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You can start repaying the debt immediately.
Answered on Aug 16th, 2012 at 2:00 PM
You should pay a reaffirmed debt. If you fail to do so, you can lose the property. For instance, if you do not make your car payments, you can lose your car. Even if the car is nearly paid for, failure to make a payment may result in repossession. Failure to make mortgage payments can result in foreclosure. Speak with your lender as to how to make up the missed payments.
Answered on Aug 16th, 2012 at 2:00 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If you represent yourself in bankruptcy a reaffirmation agreement must first be approved by the judge before it becomes in effect. However, you can make voluntary payments of the debt before the agreement is approved. Also, if the debt is not approved you still can make voluntary payments as long as the lender will accept them.
Answered on Aug 16th, 2012 at 2:00 PM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The Arizona Bankruptcy Court has a self-help center. I recommend that you seek their help because any attorney would require more information before they can answer your questions.
Answered on Aug 16th, 2012 at 1:59 PM
Bankruptcy Attorney serving Buford, GA
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Kenneth A. Parker, PC
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The reaffirmation agreement should state when the payments will start. Be very careful in signing reaffirmation agreements as it will put you back on the hook for the debt even though you have filed a bankruptcy case.
Answered on Aug 16th, 2012 at 1:59 PM
Criminal Defense Attorney serving Calabasas, CA
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Law Office of Bernal P. Ojeda
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As soon as you receive the agreement the terms and commencement date are there. Follow it.
Answered on Aug 16th, 2012 at 1:58 PM
Criminal Defense Attorney serving Deltona, FL
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R. Jason de Groot, P.A.
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There usually is not a hearing to approve it, in my experience, but you should wait until it is approved.
Answered on Aug 16th, 2012 at 1:58 PM