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.
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References in periodicals archive ?
benefits both debtors and creditors compared with reaffirmation. (12)
BAPCPA also increased the cost of reaffirmation by imposing new
will not suffer undue hardship as a result of the reaffirmation
debtor's income falls short of reaffirmation payments, (37) or if
reaffirmation agreement that "impos [es] an undue hardship on the
because they both present a heightened hurdle to reaffirmation and
reaffirmation options, the BAPCPA amendments did not address common law
(A) evidently required surrender, redemption, or reaffirmation to
surrender, redemption, and reaffirmation. The analysis shows that
reaffirmation is the single statutory alternative to redemption for
Reaffirmation agreements typically require a debtor
reaffirmation agreement as compared to surrendering the asset.