OF TERMS - PAGE 14
Proof of claim
— A form used to file a claim in order to receive payment from
the bankruptcy estate.
Agreement — You can voluntarily agree to pay back any
of your debts. If you sign a reaffirmation agreement, it binds you
to repaying the debt despite the bankruptcy. In some cases the
Bankruptcy Court Judge must approve the reaffirmation agreement.
Reaffirmed debt is not affected by the discharge. If the debtor
defaults on the reaffirmation agreement, the creditor may pursue
all avenues of collection activity available.
— The debtor may rescind (cancel) a reaffirmation agreement at
any time before discharge, or within 60 days after filing the
agreement with the court, whichever occurs later.
Relief from Stay
— In certain situations, a creditor may obtain an Order for
Relief from Stay to allow them to enforce their claims, pursue
collections on a co-debtor, or any other activity that would
otherwise violate the automatic stay. When an order for relief of
stay is granted by the court, the automatic stay is canceled.