in Bez kategorii

Judge Denied Reaffirmation Agreement

Judge: What do you say, Council? Do you want me to deny your customer`s confirmation? In the Northern District of Georgia, we have a judge who is responsible for adjudicating confirmation cases, which makes the process much thinner and more consistent. The judge is attentive to you and, as you can see, reading the messages above, it is often in your best interest not to enter into a repeat agreement (especially with houses). It`s also one of the many hidden pitfalls of bankruptcy and, unfortunately, many people still fall into the trap of advising a lender who only wants the money. This is also one of the many reasons why a good lawyer will pay more than for himself. If you repent and are caught in default because you can`t afford it, you lose the car or the house and the entire debt. It leaves you as bad as before the deposit. Yes, a judge can refuse a repeatability agreement, even if it is a voluntary agreement between the lender and the borrower. We have discussed in this article the foundations of affirmation agreements, and we also have contributions on car confirmations and home reform enterprises. A confirmation agreement is theoretically a voluntary agreement between you and a lender in which you give up debt relief from that debtor and the lender agrees to continue making payments and allow you to keep the collateral. Many bankrupt people, especially those who decide to try without a lawyer, think that a new declaration is necessary and that this idea usually comes from the lender (and sometimes lawyers who don`t know what they`re doing). As an additional protection (beyond the good advice of a lawyer), insolvency law generally requires that confirmation agreements be approved by the court when schedules reflect that monthly expenses (including the monthly payment at issue) exceed income or that the borrower does not have a lawyer. Don`t be shocked to hear the dialogue above in a court near you.

After the insolvency judge provides you with this information, he will seize people one after the other to verify your confirmation agreement and discuss your interest. But for now, most of our clients hope that the court will refuse the agreement, but order the creditor not to take the car back, provided that the debtor remains up to date. It`s weird, I know. In a way, the best of both worlds is that the court refuses approval of your stand-by agreement: you can keep the car – as long as you pay – but you`re protected if something is wrong. If you fall behind or without a confirmation agreement, you will definitely regain possession of the car. The thing you need to do is ask yourself if the economy is going to get better or worse. Answer: Worse, my business keeps growing. Everyone who comes in tells me that the business they work for is down. Fewer orders, less turnover, employees are laid off…