Can You Cancel A Reaffirmation Agreement

Revocation of a confirmation agreement is a very simple process and usually costs the debtor nothing. However, if the confirmation agreement was filed shortly before the discharge, the bankruptcy proceedings may be closed before the 60-day period for the revocation of a confirmation contract has expired. If this happens, you will have to reopen the bankruptcy case, which will cost you $235.00 for court filing fees. After 11 USC 524, the debtor has the option to revoke a confirmation until the later date of two events: (1) 60 days after the deposit or (2) after the debtor`s dismissal. Since many debtors do not sign or submit their confirmation agreements until after their creditors` meeting, discharge may be granted less than 60 days after the confirmation agreement is filed. I`m not sure you declared bankruptcy yourself or with your husband. So I don`t know if he confirmed with you or if you just think he signed with you originally and never filed for bankruptcy. If he has never filed for bankruptcy, he is liable under the terms of the agreement, in accordance with your national law, and your bankruptcy application has not changed that. In other words, everything that surrounds your bankruptcy would not change the fact that it was and remains responsible. If you sign a confirmation agreement and then have the remorse of the signatory, you can revoke it at a later time: in theory, you could call the creditor to terminate the contract, but it is very difficult because it is difficult to prove, which is why we are happy to send a letter to the creditor who will officially cancel the contract. Some debtors execute these agreements if they have a co-signer who would be sued by the creditor if the debtor left the debts.

These agreements are voluntary and a creditor cannot force you to sign one. If possible, it is best to try not to execute one and develop other arrangements. Here are some reasons to reconsider a confirmation agreement. I was discharged from bankruptcy. I signed a confirmation agreement for my vehicle, on which my husband is also a signatory. I want to take that deal back and give the car back. Is this guilt going to fall on my husband? What happens if you sign one of these agreements, but change your mind later? Sometimes emotions take over and it is difficult to decide whether certain attributes to keep. If you are remorseful of the signatory, you can withdraw from the confirmation agreement; But you`d better act before it`s too late. If you sign an agreement that reduces that debt, you may run into financial difficulties again thereafter, especially if the asset payments are prohibitive. If you only have a few months left on a contract, so you have significant equity in the car (or another asset), it might be helpful. Otherwise, this will be something to avoid, so you can fully benefit from debt cancellation and bankruptcy protection.

The problem is that you usually don`t know when your confirmation agreement request occurs. Also, after signing, most lawyers think you won`t change your mind about it.