Chapter 7 Debtors sought court approval of a reaffirmation agreement made with Lender with respect to debts secured by a mortgage on their principal residence.
The reaffirmation agreement stated that the Debtors had a monthly deficit of expense over income of $233.45 according to Debtors’ Schedules I and J. The Debtors sought to reaffirm a mortgage note in the amount of over $250,000.00. According to 11 U.S.C. § 524(m), a presumption of an undue hardship on the Debtors and their dependents arose from such an agreement.
The Court held a hearing to determine whether the presumption of undue hardship had been rebutted.
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