FOR DEBTOR’S RETENTION OF AUTOMOBILE
made, effective as of _______________, by and between ______________
_______________, of ___________________________________________ (Address), in
the County of ___________________________________, referred to as debtor, and ___________________________________,
(Address), in the County of
_________________, referred to as secured party.
BANKRUPTCY OF DEBTOR
debtor has filed a voluntary petition for relief under Chapter
_________________ of the bankruptcy laws of the United States in the Bankruptcy
Court or the District of __________________________.
secured party has a valid perfected security interest in the described
automobile(s) described below, referred to as the collateral:
AGREED VALUE OF
above-described collateral has the following value: _________________________.
DEBTOR’S DESIRE TO RETAIN
debtor wishes to retain the collateral, and represents payment of the
agreed-upon value is in __________ (His or Her) best interest and will not
impose undue or extreme hardship on __________ (Him or Her) or any of
__________ (His or Her) dependents.
TRUSTEE’S ABANDONMENT OF
trustee in bankruptcy __________ (Has or Has Not) abandoned the collateral.
secured party agrees to allow debtor the continued possession of the automobile
if debtor makes the payments set forth in Section Eight.
SECURED PARTY’S RIGHT TO
secured party is entitled to possession of the collateral in accordance with
the terms of the security agreement that covers the collateral, except for the
automatic stay in this bankruptcy proceeding. According to the provisions of
the Bankruptcy Code, the secured party would be entitled to relief from the
stay were the procedures required carried out.
SCHEDULE OF PAYMENTS BY
debtor agrees to pay the secured party the value of the collateral,
to the following schedule: ________________________________________
_____________________________________________________________ (Describe). The
debtor also agrees to keep the automobile(s) insured, in an amount and with an
insurer satisfactory to secured party with loss payable to secured party.
SECURITY AGREEMENT TO
REMAIN IN FORCE
security agreement that covers the collateral, a copy of which is attached,
will remain in full force and effect and default under this agreement will
entitle the secured party to exercise the remedies that are provided for in the
AGREEMENT MADE IN
COMPLIANCE WITH LAW
agreement is made pursuant to and subject to the provisions of Local Bankruptcy
Rule 4006 and 4005 and shall be effective on filing of the agreement with the
clerk of the bankruptcy court.
by the Trustee on _____________ (date).