bankruptcy reaffirmations

[mage lang="en|de|en" source="flickr"]bankruptcy reaffirmations[/mage]

If the creditor does not affirm

If the creditor does not affirm

By Jacqueline S. Edington, Paralegal

Bob (not his real name) filed a Chapter 7 bankruptcy. Bob explained that his intentions were on a motorcycle reaffirm 2007. As part of the usual time was Bob No asset in his mission, that is, relief was just around the corner. Bob realized that he was never sent a reaffirmation agreement with the bike. I contacted the Creditors. The creditor refused to endorses the debt and stated that Bob could simply continue to make his monthly payments. "We do not give out confirmation Arrangements "was the response I received.

Well, the consequences of a monthly payment without signature confirmation agreed that the creditors come and take the property may at any time. That withdrawal may occur, regardless of how long and how many payments you have made to the creditor. Not an ideal situation for you are planning to hold a motorcycle.

When I forwarded the response from the creditor to Bob, he was understandably upset. He decided that maybe if he did he called with the creditor could reason. I heard his phone conversation in my office. His career, or you could call now say (for Bob is an ordained minister), was, where he was clever persuasion. "I want people to pay you the money I owe you" were some of the words he used. Bob really wanted to "do the right thing." But here again dismissed the creditors' Bob's sincere desire to bring the debt to . reaffirm

When I approached my boss, and Bob's attorney to discuss the situation, he proposed redemption of the motorcycle. I designed an application for redemption for a ridiculously small amount is far below the fair market value of the motorcycle. The reason why I do so the creditor was forced to the reaffirmation agreement to produce. No Objection was made by the creditors within the specified period, and the judge issued an order. We were amazed!

My boss always still suspicious, told Bob that the creditor had thirty days of the order appeal. We waited for thirty days and nothing happened. Meanwhile, Bob had a check will be sent to the creditor for the amount ordered. Remove the control, but Bob had no title to the motorcycle.

I sent a letter to the creditor to them thirty days to the title to our office. Lo and behold, the title is here! Bob has during 2007 motorcycle was estimated at $ 8,500.00, that a lien held it for more than $ 10,000.00 for the mere sum of $ 500.00! It would have served this creditor, it would be good if the debt confirmed with Bob. Too many times we allow creditors the shots and intimidate our customers. In our company we fought back and won! Now Bob thinks we are wonderful and have already referred several clients to us. It pays to treat your customer situations with the necessary care to!

About the Author

Birmingham Bankruptcy Lawyer: Reaffirmation Agreements and Chapter 7 Bankruptcy

Reaffirmation Agreements in Consumer Bankruptcy Cases, Second Edition $9.99 The first edition of Reaffirmation Agreements in Consumer Bankruptcy Cases addressed what to expect under BAPCPA when consumer debtors want to reaffirm their debts. The financial crisis has since significantly altered the landscape for consumer debt reaffirmations, prompting renewed scrutiny by debtors, creditors and bankruptcy courts. This Second Edition provides an expanded update of reaffirmati…

Bankruptcy: Implementation of Reform Act’s Debt Reaffirmation Agreement Provisions.: An article from: General Accounting Office Reports & Testimony $9.95 This digital document is an article from General Accounting Office Reports & Testimony, published by Thomson Gale on January 1, 2008. The length of the article is 597 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citat…

Reaffirmation Agreements in Consumer Bankruptcy Cases …