Chicago Bankruptcy Lawyers & Attorneys

An interesting scenario has come up with regard to auto reaffirmation agreements. The typical situation involves the creditor submitting a reaffirmation agreement well prior to the case being discharged. In fact, the majority of reaffirmation agreements are tendered and completed at or before the 341 meeting of creditors. However, here is the interesting fact pattern. An auto creditor delays in sending the agreement for signatures. When the case closes without a valid reaffirmation agreement on file, is the debtor subject to repossession; or, is the creditor estopped from denying the ride-through in this limited fact situation. The Code does not speak to who has the burden or responsibility to tender the reaffirmation agreement. Further, the Code does not speak to who has the burden or responsibility to file said reaffirmation agreement with the Clerk of the U.S. Bankruptcy Court.