You should only enter into a confirmation agreement if you reasonably believe you can pay the balance. Another way to consider it is not to unsubscribe if you replace the property for less than what you owe. You should ask yourself if you should enter into a confirmation agreement. There are professionals to sign one, such as keeping their property secure and avoiding the need for a lump sum payment. You can also sign an agreement if you have a co-signer on the debt. Perhaps most importantly, this can be an opportunity to renegotiate and get a lower payment or a better interest rate. A confirmation agreement is considered defective if Part E is not completed. If a concluded part E is not presented within the default period (15 days), the agreement is affected. The Court of Justice does not need to approve a confirmation agreement applicable to consumer debts guaranteed by real estate. This applies to all mortgages on your home or other debts that are guaranteed by your home. In addition, the Court does not approve confirmation agreements between debtors and credit unions. They are filed and are part of the minutes without being heard. A confirmation agreement is a contract that you can enter into, in which you declare that you remain responsible for a debt in order to keep the property.

In other words, it is a promise to be paid in exchange for preserving the property you want to keep. To enter into a confirmation agreement, you must be up to date with your payments and all equity of the property must be fully protected by your exceptions. As a general rule, in Chapter 7 cases, confirmation agreements apply to a car. An alternative to a confirmation agreement is to value the property for its current value. The problem is that you have to have access to a package that many people do not have. Any confirmation agreement must be concluded before launch. If you are about to confirm a debt and you believe it will not be deposited until the discharge period expires, notify the registry in writing to delay the opening of the discharge until confirmation is submitted. Another way to protect your assets is to enter into a “confirmation agreement” with the creditor.