How Do You Rescind A Reaffirmation Agreement?
Through the bankruptcy process you are able to enter into what is known as a reaffirmation agreement. This is a contract between you and a lender regarding a loan that is secured by property–normally a home mortgage loan or a loan on an automobile. Through such an agreement, you are able to maintain possession of your home or automobile, provide you make payments under the terms of this new agreement. You may reach a point at which you desire to rescind a reaffirmation agreement. Notify the bankruptcy trustee in writing that you desire to rescind a reaffirmation agreement. Write the lender with which you entered into a reaffirmation agreement previously and advise of your desire to rescind that contract. Schedule a meeting with the bankruptcy trustee, a session at which all creditors will have the chance to object to rescinding the reaffirmation agreement if they so desire. Odds are that no creditors will object. Draft a document rescinding the reaffirmation agreement to be signed by
