Local Rule LR 8.05 / LR 4008-1: Reaffirmation Agreements

A reaffirmation agreement filed by a debtor represented by counsel shall include, at a minimum, the following: 1. the amount of the debt reaffirmed; 2. the annual rate of interest to be paid (variable rate home mortgage must state the initial rate and terms governing rate changes); 3. the amount of periodic payment; 4. the number of payments remaining; and 5. a statement that the debtor understands the agreement may be rescinded prior to entry of the discharge order or within sixty (60) days of filing the agreement, whichever occurs later.

If the debtor is represented by an attorney, the attorney shall file his affidavit with the reaffirmation agreement, which affidavit shall reveal that the debtor entered into the agreement voluntarily and after having been duly informed, and that such agreement does not impose an undue hardship upon the debtor or his dependents.

If the debtor was not represented by an attorney during negotiation of the reaffirmation agreement, a hearing shall be held and the Court, at the time of the reaffirmation hearing, shall inquire of the debtor to insure that the agreement was knowingly and voluntarily entered into, that the agreement will not impose a burden upon the debtor and is in the best interests of the debtor, and that the debtor understands his rights with regard to rescission of the agreement.

Cross reference 11 U.S.C. § 524(c) and (d) Bankruptcy Rule 4008 Appendix F. Form No. 6