Reaffirmation Agreement {B2400A-B ALT}

B2400A/B ALT (Form 2400A/B ALT) REAFFIRMATION AGREEMENT. A reaffirmation agreement is a legal document that can be used in bankruptcy cases to allow a debtor to keep certain secured property, such as a car or a house, in exchange for agreeing to continue to pay off the debt. The form for a reaffirmation agreement typically includes the following information: The debtor's name and contact information. The creditor's name and contact information. A description of the property that is being reaffirmed, such as a car or a house. The amount of the debt that is being reaffirmed. The terms of the agreement, including the interest rate and the repayment schedule. A statement that the debtor understands that they are obligated to pay the debt, even if they later file for bankruptcy. A statement that the debtor has the right to rescind the reaffirmation agreement within a certain period of time after it is signed. Signatures of both the debtor and the creditor. It is important to note that reaffirmation agreements can have serious consequences for a debtor, as they may still be responsible for paying the debt even if they later cannot afford to do so. Therefore, it is recommended that debtors consult with a bankruptcy attorney before signing a reaffirmation agreement. www.FormsWorkflow.com