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Reaffirmation
(redirected from Reaffirm the Debt)

    Also found in: Dictionary/thesaurus, Legal 0.01 sec.
Reaffirmation
An agreement in which a borrower agrees to continue to be obliged to repay a debt, even if it otherwise would be discharged in bankruptcy. The reaffirmation must be signed before the debt is discharged. It is often used if a debtor wishes to maintain ownership of an asset, such as a car, that secures the reaffirmed debt.
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Car loans and Mortgages will not have the principal or payments reduced, though you can reaffirm the debt and seek a separate restructuring with these creditors.
Debt Settlement Vs Bankruptcy Which One Is Right for You? by Julian Gaston / Finance and Investment community
Debtors must surrender the property, reaffirm the debt or redeem the property within the specified time.
Bankruptcy overhaul: major changes creditors need to know by Mark, William A. / Utah Business
 
 
 
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