Section 524(d) of the Code requires the Tribunal to hold a hearing to inform an individual debtor of the grant or refusal of dismissal and of the law applicable to stand-by arrangements. This rule is amended to comply with Article 524(d) of the Code as amended in 1986. A hearing within the meaning of Article 524 (d) is not mandatory unless the debtor wishes to enter into a confirmation agreement. This rule is amended to set a deadline for the filing of confirmation agreements. The Code sets out a number of conditions for the implementation of reaffirmation agreements. These requirements include Article 524k (6) (A) which requires that any confirmation agreement must be accompanied by a declaration that the debtor is able to make the payments required by the agreement. In the event that this declaration reflects insufficient income to allow the payment of the new debt, Article 524 (m) provides that there is a presumption of unreasonable harshness allowing the court to reject the confirmation agreement, but only after a hearing that took place before the introduction of the discharge. Rule 4004 (c) (1) (K) takes this provision into account by delaying the receipt of the discharge in the event of a presumption of unreasonable hardness. However, for this rule to be effective, the confirmation agreement itself must be filed before the discharge is received.

According to Rule 4004(c)(1), the discharge must be taken immediately after the expiry of the time limit for filing an appeal against the discharge, which is 60 days after the first date set for the meeting of creditors in accordance with Article 341(a) of Rule 4004(a). Accordingly, this date is set as the deadline for the submission of a confirmation agreement. A confirmation contract is a binding contract and, as such, you should carefully assess the costs and benefits before entering into one. An agreement by a debtor under Chapter 7 to continue to repay an excusable debt (for example. B a car loan) after bankruptcy, usually for the purpose of retaining security rights (i.e. the car) that would otherwise have to be withdrawn. Subdivision (a) of the rule is amended so that the entity submitting the sub-confirmation agreement to the Tribunal will also contain Official Form 27, the cover of the sub-confirmation agreement. The form contains information that the Tribunal has necessary to determine whether the proposed confirmation agreement is considered unreasonable harshness for the debtor, in accordance with Article 524(m) of the Code. You should think about entering into a confirming agreement. There are benefits to signing, such as for example. B keeping your property secure and avoiding the need for a lump sum payment.

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