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 ?
vehicle debt, two-thirds of those reaffirmations were never filed in
The reaffirmation agreements were, therefore, not legally binding on consumers.
SEARS' fraudulent scheme involved its practices relating to bankruptcy reaffirmation agreements.
If the settlement preliminarily approved today receives final court approval following a notice period, Federated believes the approval will have the effect of resolving the class-based litigation against the company arising out of its reaffirmation program.
Under terms of that agreement, which also is subject to court approval, Sears and its subsidiary will continue to file all reaffirmation agreements obtained in Chapter 7 bankruptcies as required by the U.
made a huge gaffe by improperly obtaining reaffirmations from credit-card consumers -- an error that forced it to take a charge of $320 million
It has yet to be determined exactly how much of this past reaffirmation activity was not in compliance with federal bankruptcy laws.
It is yet to be determined how much of past reaffirmation activity was not in compliance with federal bankruptcy laws.
While the total dimensions of this problem are not yet known, Sears estimates that reaffirmations have totaled $412 million (including finance charges at the point of reaffirmation but not interest) between 1992 and April 1997.
Immediately upon learning of this problem, the company's senior management last week directed that all reaffirmations must be filed in a timely fashion.
Our reaffirmation reflects CPC's strong and stable cash flow generated by its leading global consumer food businesses.
The following seven rating reaffirmations come as a result of lump sum additions of additional credit card accounts and the receivables balances to the following trusts: The reaffirmed ratings are as follows: