Find out how to qualify for debt cancellation in Chapter 7, what you should do before submitting how debts are classified, what will happen to your property, and much more. Both parties are required to abide by the rules and regulations of the agreement, which benefits the parties, their successors and assigns. This contract is valid until the date and is considered null and void if the debtor is unable to make the payment by the due date and if the status of the account is due immediately. Several pieces of information are needed to balance the text of this Agreement. At the beginning, we will consolidate the parties who intend to conclude this contract. First, we identify the creditor. That is, the party that holds the debt. Note the legal name of the creditor in the first space of the first paragraph. Next, document the creditor`s address with the second empty line…