REAFFIRMATION
AGREEMENT
PROVIDING
FOR DEBTOR’S RETENTION OF AUTOMOBILE
Agreement
made, effective as of _______________, by and between ______________
_______________, of ___________________________________________ (Address), in
the County of ___________________________________, referred to as debtor, and ___________________________________,
of ________________________________
_____________________________
(Address), in the County of
_________________, referred to as secured party.
SECTION ONE
BANKRUPTCY OF DEBTOR
The
debtor has filed a voluntary petition for relief under Chapter
_________________ of the bankruptcy laws of the United States in the Bankruptcy
Court or the District of __________________________.
SECTION TWO
COLLATERAL
The
secured party has a valid perfected security interest in the described
automobile(s) described below, referred to as the collateral:
_________________________________
_____________________________________________________________________.
SECTION THREE
AGREED VALUE OF
COLLATERAL
The
above-described collateral has the following value: _________________________.
SECTION FOUR
DEBTOR’S DESIRE TO RETAIN
COLLATERAL
The
debtor wishes to retain the collateral, and represents payment of the
agreed-upon value is in __________ (His or Her) best interest and will not
impose undue or extreme hardship on __________ (Him or Her) or any of
__________ (His or Her) dependents.
SECTION FIVE
TRUSTEE’S ABANDONMENT OF
COLLATERAL
The
trustee in bankruptcy __________ (Has or Has Not) abandoned the collateral.
SECTION SIX
SECURED PARTY’S
ACQUIESCENCE
The
secured party agrees to allow debtor the continued possession of the automobile
if debtor makes the payments set forth in Section Eight.
SECTION SEVEN
SECURED PARTY’S RIGHT TO
POSSESSION
The
secured party is entitled to possession of the collateral in accordance with
the terms of the security agreement that covers the collateral, except for the
automatic stay in this bankruptcy proceeding. According to the provisions of
the Bankruptcy Code, the secured party would be entitled to relief from the
stay were the procedures required carried out.
SECTION EIGHT
SCHEDULE OF PAYMENTS BY
DEBTOR
The
debtor agrees to pay the secured party the value of the collateral,
$_____________
according
to the following schedule: ________________________________________
______________________________________________________________________
_____________________________________________________________ (Describe). The
debtor also agrees to keep the automobile(s) insured, in an amount and with an
insurer satisfactory to secured party with loss payable to secured party.
SECTION NINE
SECURITY AGREEMENT TO
REMAIN IN FORCE
The
security agreement that covers the collateral, a copy of which is attached,
will remain in full force and effect and default under this agreement will
entitle the secured party to exercise the remedies that are provided for in the
security agreement.
SECTION TEN
AGREEMENT MADE IN
COMPLIANCE WITH LAW
This
agreement is made pursuant to and subject to the provisions of Local Bankruptcy
Rule 4006 and 4005 and shall be effective on filing of the agreement with the
clerk of the bankruptcy court.
Dated:
_______________.
_____________________________________________________,
Signatures
of Debtor
_____________________________________________________,
Debtor’s
Attorney
_____________________________________________________,
Secured
Party
(Titles,
as appropriate)
(Attachments)
Approved
by the Trustee on _____________ (date).
__________________________________________,
Signature
__________________________________________,
(Title)
