The confirmation agreement comes into effect as soon as it is presented to the court if he is represented by a lawyer and no unreasonable difficulty is suspected. In accordance with the language of the confirmation agreement specified in the Code ». No court approval is required if your confirmation contract applies to a consumer debt secured by a mortgage, trust deed, deed of guarantee or other lien on your property, such as your home. § 524 (k) (3) (J) (i) 7. A confirmation agreement is a binding contract and, as such, you should carefully weigh the costs and benefits before entering into one. Section 524(d) of the Code requires the court to hold a hearing to inform an individual debtor of the grant or refusal of termination and of the law applicable to stand-by agreements. A debtor may want to pay a debt even if that debt would be released in the event of bankruptcy. For example, a debtor may want to keep a vehicle. As a promise to pay this debt, a debtor must enter into a reinstatement agreement with the creditor. Recondations are voluntary and are not required by law. The debtor is advised to carefully consider whether or not the agreed payments can be made before submitting a confirmation agreement. If a debtor is not in default and chooses not to sign a confirmation agreement, many lenders will recognize the option to hold and pay the debt by continuing regular monthly payments. Therefore, it is unlikely that there will be a file entry that refers to an approval or other provision of the agreement unless the confirming arrangement is intended for consultation.
 Local Bankruptcy Rule 4008-1(a) (Bankr. D.S.D.) ((N]ous outside the Fed. R. Bankr. P. 4008(a) does not need to be submitted a cover sheet for the confirming arrangement (Official Form 427) if the confirming arrangement is with a credit union. . .
. « ) (in fact, as of February 19, 2020). Either party may file the agreement with the court. Therefore, the party that has more incentive to enforce the agreement will usually file it. In the event that the parties are unable to file a confirmation agreement in a timely manner, the rule gives the court a wide margin of appreciation to allow for late filing. A corresponding amendment to Rule 4004(c)(1)(J) takes account of such an extension by providing for a time limit in the opening of the discharge during the pending request for an extension of the time limit for the submission of a stand-by agreement. . . .