“1. Read carefully the information in Part A. Consider the decision to carefully reaffirm it. If you want to confirm the confirmation agreement in Part B (or you can use a separate agreement on which you and your creditor agree). Private property leases are a difficult issue of characterization in both domestic and bankruptcy law (392), in part because they contain both a private real estate contract and a time-purchase contract. When an owner rents personal property, the owner allows another owner to use the property for a period of time against certain payments, under which the owner has the absolute right to retain the property. On the other hand, a retail contract with a catch-up temper provides that the buyer will make payments over time and will eventually own the property. Since the purchase is subject to a security interest, the contract envisages the return of the property and a possible action in case of defaults in case of late payment of the buyer. When consumers make self-owned rental transactions, they make payments on more extensive terms for various household and private items. If they don`t pay, they lose the items, much like a buyer subject to a security agreement. However, they are only responsible for payments for the duration of the lease, as is the case with a real lease. However, as in the case of a tempes sale, the purpose of most leases is to buy the item over time.
The Court of Justice does not need to approve a confirmation agreement applicable to consumer debts guaranteed by real estate. This applies to all mortgages on your home or other debts that are guaranteed by your home. In addition, the Court does not approve confirmation agreements between debtors and credit unions. They are filed and are part of the minutes without being heard. The evidence before us has been damning that a practice has developed to follow an insolvency relief with a reaffirmation of the debt taking into account increased debt. A debtor could go through bankruptcy to repay a $500 loan and borrow an additional $500 to get back on his feet.