A reaffirmation agreement form is a legal document that allows a debtor to reaffirm their existing debt obligations with a creditor, instead of discharging them through bankruptcy. This is a great option for individuals who want to keep their assets, such as a car or house, and continue to make payments on their debt.
One of the largest federal student loan servicers, Great Lakes, offers a reaffirmation agreement form for their borrowers who have filed for bankruptcy. This form is available for both federal and private student loans serviced by Great Lakes.
Why Reaffirmation Agreement Form is Important?
When a borrower files for bankruptcy, their debts are discharged or erased. However, if the borrower wants to keep their assets, such as a car or a house that they are still making payments on, they can choose to reaffirm their debt obligations with the creditor.
By reaffirming their debt, the borrower agrees to continue making payments on the debt even after the bankruptcy has been discharged. This helps the borrower keep their assets and continue to improve their credit score.
How to Fill Out Great Lakes Reaffirmation Agreement Form?
Great Lakes offers a simple reaffirmation agreement form that borrowers can complete themselves. Here’s how to fill out the form:
– Fill out your personal information, including your name, address, phone number, and email address.
– Enter your Great Lakes account number, loan type, and the amount you want to reaffirm.
– Sign the form and date it.
– Send the completed form to Great Lakes by mail or fax.
Once Great Lakes receives your reaffirmation agreement form, they will review it and notify you if it has been approved or denied.
In conclusion, if you are a borrower who has filed for bankruptcy and want to keep your assets, such as a car or a house, consider completing a reaffirmation agreement form with Great Lakes. This can help you continue to make payments on your debt obligations and improve your credit score. It’s important to note that it’s always a good idea to consult with a bankruptcy attorney before making any decisions related to your bankruptcy case.