Resignation, what is it and what does it have to do with bankruptcy? 11 U.S.C. No. 524 (c) (4) outlines the basis of the resignation decision, but there is really nothing to resign for you. A resignation breaks or cancels a promise of payment and it is fully legal IF made after 11 UNITED States.C. Clear as mud? Let`s count it even more. Revocation of a confirmation agreement is a very simple process and usually costs the debtor nothing. However, if the confirmation agreement was filed shortly before the discharge, the bankruptcy proceedings may be closed before the 60-day period for the revocation of a confirmation contract has expired. If this happens, you will have to reopen the bankruptcy case, which will cost you $235.00 for court filing fees. 1. In general. For home and vehicle loans, a debtor wishing to keep the property may be required to sign a «confirmation agreement».
A «confirmation agreement» is a contract that forgoes the relief of the bankruptcy of a given debt. A person who signs a confirmation agreement must continue the contractual payments and will be personally responsible for the confirmed debt if he does not pay. The declaration of insolvency does not affect the confirmed debts and will survive the relief of insolvency, as if the bankruptcy had never been declared. A debtor who has not confirmed a debt cannot be sued to recover an imputation judgment if he is late to the terms of the loan during or after the end of the bankruptcy proceedings. Index If a debtor confirms a debt and does not pay it, the debt remains in question as if there were no bankruptcy, and the creditor can take steps to recover the debt. This confirmed debt is not exempt or cleared by the insolvency application.  You will not withdraw the vast majority of time from a confirmation agreement. You will understand what you have signed and what the consequences are. Your circumstances are unlikely to change significantly in the short time between the signing of the contract and your withdrawal period. Your well-informed decision to confirm it will be proven.