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FAQ: What is a Reaffirmation Agreement?

A reaffirmation agreement is simply an agreement to pay a debt that existed at the time you filed bankruptcy. Usually debtors are willing to enter into reaffirmation agreements on secured debts such as homes and automobiles.

Most credit cards, medical bills and other debts are "unsecured" and debtors generally don't enter into reaffirmation agreements on those kinds of debts. Typically, the creditor provides your bankruptcy attorney with a reaffirmation agreement for your review and signature. The one big downside to reaffirmation agreements is that you remain personally liable for the debt.

If you later default on your payments you could lose the property and become personally liable for any deficiency. Obviously, you will need to give careful consideration to your ability to make the payments and the potential consequences of a default. The bottom line: If you don't need the property and can't make the payments don't enter into a reaffirmation agreement.

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Home |  What Happens to Second Mortgage in Chapter 7? |  Lien Stripping Chapter 7 |  Chapter 13 Lien Stripping Second Mortgage |  Can a Second Mortgage be Discharged in Bankruptcy? |  Eliminating the Second Mortgage |  Second Mortgage and Bankruptcy in Chapter 7 |  Bankruptcy and 2nd Mortgage |  Lien Stripping Second Mortgage Chapter 7 |  Chapter 7 Bankruptcy |  Chapter 7 Bankruptcy Exemptions |  Keeping Your Business Through Chapter 7 Bankruptcy |  Small Business Chapter 7 Bankruptcy Relief |  Chapter 13 Bankruptcy |  Chapter 13 Lien Stripping  |  Chapter 13 Bankruptcy Trustee Information |  What To Do If You Are Being Sued |  Wage Garnishment Creditor Harassment |  Predatory Lending |  Contact Us |  About Us |  Book Your Consultation |  FAQ |  Partners |