” (2) (A) such an agreement contains a clear and striking statement indicating to the debtor that the agreement may be revoked at any time before the dismissal or within sixty days of filing such an agreement with the court, depending on what will happen later, by notification of the termination to the holder of that claim; and unfortunately, after confirming the debt, you realize that you can`t afford to continue paying your mortgages. And now? I hope you didn`t take too long to discover that you can`t afford to keep your home. BankruptcyCode gives you the ability to change your mind about confirming secure real estate, but you need to act quickly. 11 U.S.C 524 states that you may revoke the confirmation agreement “at any time prior to dismissal or within 60 days of filing such an agreement in court, depending on what happens later.” All you need to do is file the termination of the court and serve the guaranteed lender. No hearing or appearance is required. The credit union argues that, under the law of state contracts, it has been legally able to negotiate and agree on additional conditions of confirmation and that it is content to apply this right under the agreement and voluntarily agreed by the debtor. The Credit Union notes that the retraction provision added to Form 2400A was charged with disclosing the debtor`s right to withdraw and was not confused or misleading. The Credit Union also argues that the reason it wishes to denounce the confirmation agreement is that the debtor has entered into a second confirmation agreement confirming an unsecured debt to the credit union and has not done so. The Credit Union argues that its agreement on the conclusion of Volvo`s confirmation agreement was conditional on the debtor concluding the second confirmation agreement.
“1. I believe that this confirmation agreement will not impose unreasonable severity on my loved ones or myself. I can afford to pay the confirmed debts because my monthly income (take home pay plus all other income collected) is and my actual current monthly expenses, including monthly payments on post-bankruptcy debts and other confirmation agreements, total – so that the necessary payments are made for this confirmed debt.