What is a Reaffirmation Agreement?

A reaffirmation agreement in United States bankruptcy law refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding.  For example, a debtor may wish to keep a vehicle.  As a promise to pay that debt, a debtor must enter into a reaffirmation agreement with the creditor.  Reaffirmations are voluntary and not required by law.  It is recommended that the debtor carefully consider whether or not the agreed upon payments can be made before entering into a reaffirmation agreement. 

 

This answer does not create an attorney/client relationship and is for informational purposes only.  We are a law firm licensed in Georgia.   A consultation with a qualified attorney in your area is required to determine specific legal advice as to your situation and applicable law. We are a law firm designated by Congress as a debt relief agency. We help people file for bankruptcy relief under the bankruptcy code.




Angie Seymour
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Bankruptcy Attorney Serving Augusta, GA