Deadline for Filing Reaffirmation Agreement

If you have filed for Chapter 7 bankruptcy, you may have the option to reaffirm certain debts. Reaffirming a debt means that you agree to continue paying it even after your bankruptcy case is closed. However, there is a deadline for filing a reaffirmation agreement, so it’s important to act quickly if you want to reaffirm a debt.

The deadline for filing a reaffirmation agreement is typically set by the bankruptcy court. In most cases, you will have to file your agreement within 60 days of your meeting of creditors, which is usually held about a month after you file for bankruptcy. The purpose of this deadline is to give you and your creditors time to negotiate the terms of the agreement.

If you miss the deadline for filing a reaffirmation agreement, you may still be able to reaffirm your debt, but you will have to ask the court for permission. This can be a more complicated process, as you will have to demonstrate that reaffirming the debt is in your best interest and that you can afford to make payments. If the court approves your request, you will have to file a motion to reopen your bankruptcy case and go through the reaffirmation process again.

It’s worth noting that not all debts can be reaffirmed. For example, you cannot reaffirm debts that were incurred fraudulently or debts that are discharged in bankruptcy. In addition, the court will only approve a reaffirmation agreement if it is in your best interest, which means you will have to show that you can afford to make the payments and that reaffirming the debt will not cause you undue hardship.

To file a reaffirmation agreement, you will need to work with your creditor to negotiate the terms of the agreement. This may involve modifying the terms of your original contract, such as lowering your interest rate or extending your repayment period. Once you have agreed on the terms, you will need to file the agreement with the bankruptcy court and attend a hearing to confirm the agreement.

In summary, if you want to reaffirm a debt after filing for Chapter 7 bankruptcy, you will need to file a reaffirmation agreement within 60 days of your meeting of creditors. Missing this deadline can complicate the process, so it’s important to act quickly. Working with an experienced bankruptcy attorney can help you navigate the process and increase your chances of success.