Jordan files for bankruptcy because he has debts of $1 million that he cannot pay. He would like to sign a document to assure hi
s kind aunt Matilda that he will repay all of the $30,000 that she lent him. Jordan could have this debt discharged in the bankruptcy but would rather not. In this situation, Jordan:_____________
A reaffirmation agreement in the United States bankruptcy law refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the bankruptcy proceeding.
In the reaffirmation process, the debtor agrees to remain responsible for a debt so that he can keep the property securing the debt (collateral). Reaffirmations are voluntary and are not required by law.
Jordan can sign a reaffirmation agreement in order to keep whatever he uses as the collateral as a promise to repay aunt Matilda's money.
a reaffirmation agreement is the process whereby you agree to remain responsible for a debt after you file for bankruptcy even when it might have been forgiven in the course of the bankrupt proceeding and reaffirmation is strictly voluntary and must be in the best interest of a debtor, since the debtor is not required to reaffirm any of their debts.
However, an individual who just files for bankruptcy might reaffirm a particular debt for whatsoever reason like in the case of Jordan, he decide to reaffirm his debt of $30,000 to his kind aunt Matilda probably because of her kindness or his obligations towards her
Okay well the total costs would be: 1500+3000+6000+15000+30000 = $55 500 now it depends on how much the insurance. there is no average settlement on how much insurance is payed.
