What is a reaffirmation agreement?

An agreement by a chapter 7 debtor to continue paying a dischargeable debt (such as an auto loan) after the bankruptcy, usually for the purpose of keeping collateral (i.e. the car) that would otherwise be subject to repossession or surrender. In many cases a reaffirmation agreement would not need to be signed and in some circumstances it isn’t recommended that they be signed. You should confer with your attorney about the agreement before you sign it.

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