What is a bankruptcy reaffirmation agreement?

November 20, 2009

A reaffirmation agreement is a new contract signed by you and your lender or creditor reaffirming your existing debt on a piece of personal property.  It is an agreement that states that, bankruptcy notwithstanding, you will still pay the debt that you owe to this lender.

The reason that a debtor would sign a bankruptcy reaffirmation agreement is so they can keep the piece of property on which they still owe money. The debtor will continue to repay the loan, even though it would otherwise be discharged by the bankruptcy.

Reaffirmation agreements are completely voluntary. Neither you nor your lender are required to enter into one. Also, after you sign a bankruptcy reaffirmation agreement, you have 60 days within which to revoke it, thereby relieving yourself of the debt.

In most cases, reaffirmation contracts are overseen by a bankruptcy lawyer. If the debtor does not have a bankruptcy lawyer, then the contract must be approved by the bankruptcy court judge.

To receive free legal advice from a bankruptcy lawyer, contact Fears | Nachawati today. Simply e-mail us or call us toll free at 1.866.705.7584, and you will speak directly with an experienced bankruptcy lawyer who will provide you with a free legal consultation.

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