Reaffirmation

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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.
References in periodicals archive ?
BAPCPA also increased the cost of reaffirmation by imposing new
debtor's income falls short of reaffirmation payments, (37) or if
because they both present a heightened hurdle to reaffirmation and
A) evidently required surrender, redemption, or reaffirmation to
Reaffirmation agreements typically require a debtor
like redemption, reaffirmation is rare in practice, for two reasons.
In 2011, more than 300,000 reaffirmation agreements were filed, but
reaffirmation agreement was filed had [a] reaffirmation agreement
BAPCPA's stringent reaffirmation requirements, it is likely that a
Second, reaffirmation agreements are costly, so even if they were
surplus obtained through reaffirmation, (82) in which case rational
a creditor suspects that a court might reject a reaffirmation agreement