Part E is the debtor`s application for judicial authorization and must be signed by debtors who are not represented by a lawyer. Erroneous confirmation agreements A confirmation agreement is deemed defective and is concluded if: • not be filed on Official Form 240 A (1/07) or if • the debtor and/or creditor does not sign any of the necessary parts of the agreement. Debtors voluntarily make confirming arrangements. These are legal documents, but a person cannot go to jail because he has hurt him. If the debtor does not make its intended payments and does not comply with the agreement, the lender takes possession of the guarantees if it so wishes. The conditions for effectiveness of a repeatability agreement must be met below: the confirmation again prevented John from having his house foreclosed. However, if he does not make the mortgage payments under the new conditions, the lender will take possession of his house and initiate enforcement proceedings. Confirmation is a kind of agreement made by a debtor with a lender to repay part or all of the debt, while it has undergone insolvency proceedings. When a person goes bankrupt, they do so to be released from a debt that they cannot pay. the assertion of a debt when the debt is secured by a right of pledge on the debtor`s property.
Where a creditor has a right of pledge over a debtor`s assets (e.g.B. of a car or immovable property) and the debtor is granted discharge, the creditor, in his recovery efforts after the dismissal, is limited to acting against the guarantees that insure his claim; As a result of debt relief, the debtor`s personal liability for the debt related to the right of pledge is extinguished and the creditor cannot personally recover the debtor. As a result, a creditor may feel that the debtor who has no personal liability related to the guarantees after debt relief does not feel obliged to properly maintain or maintain the guarantees. In such cases, the creditor may conclude that the risk to its security rights, if it is in the hands of a debtor who has no risk of personal liability, is such that the creditor wishes to seize its security as quickly as possible and to minimize that risk (once the discharge has been seized). The same applies where the debtor makes payments on an up-to-date basis. Since the declaration of insolvency is usually a default event among secured loan documents, the creditor may use the debtor`s declaration of insolvency as a delay giving it the right to recover its collateral (e.B.g. by withdrawal or seizure). With regard to any more secure debt, the debtor must indicate without delay in its applications for insolvency what it intends to do with the guarantees of each creditor (in the cases referred to in Chapter 7, the debtor must indicate its intention by filing this form).