The assertions are strictly voluntary. If you wish to (consent) to a particular debt, you must enter into a written agreement with the creditor that legally obliges you to pay a debt in full or in part (destroyed by bankruptcy). The form is Form 240A of the confirmation agreement. The creditor and the debtor must complete the form indicating the nature of the debt, the value of the security and the reason for the statement. Both parties to the statement must sign the corresponding signature lines. As you are not represented by a lawyer, confirmation is automatically set at the hearing and you will receive written notice of the date and time of the hearing. You must appear at the hearing, where the judge will determine whether it is in your best interest to confirm it based on your circumstances and the nature of the confirmation. For example, the court cannot allow you to confirm a $3,000 debt for a vehicle that can be worth $1,000. The assertion is a kind of agreement that a debtor makes with a lender to repay some or all of the debt, while it has been the subject of bankruptcy proceedings. When a person goes bankrupt, they do so to be discharged from a debt that they cannot pay. Part A – Debtor`s Statements: Summary of the Confirmation Agreement. Fill this section with the details of the agreement: Amount to be confirmed, percentage, payment to be made.
Part B – The confirmation agreement requires the signature of the creditor`s representative and the debtor. The loan holder, supplier or guarantee agency must print the form on white paper in black ink. The font, the size of the dots and the general display of the form cannot be changed from the attached version. Credit holders and credit providers may use empty spaces at the top, bottom or pages of the barcode coding form or other information specific to the credit holder or service. In addition, loan holders and credit providers can fill out their contact information in the corresponding sections of the form. A debtor may want to pay a debt while those debts would be relieved in the event of bankruptcy. For example, a debtor may keep a vehicle. As a promise to repay these debts, a debtor must enter into a confirmation agreement with the creditor. Statements are optional and are not prescribed by law. It is recommended that the debtor carefully determine whether or not agreed payments can be made before a confirmation agreement is reached. If a debtor is not in debt and chooses not to sign a confirmation agreement, many lenders will recognize the ability to keep and pay the debts by continuing the regular monthly payments. However, this option is not recognized by all lenders, so it is important to know the lender`s position on the debt statement in relation to the retention and compensation option.