Common Contracts
1 similar Reaffirmation Agreement contracts
CONSIDERING BANKRUPTCY, WHAT YOU NEED TO KNOW ABOUT REAFFIRMATION AGREEMENTS BEFORE YOU SIGN ONEReaffirmation Agreement • March 26th, 2020
A reaffirmation agreement is an agreement between a creditor and debtor, “the consideration for which, in whole or in part, is based on a debt that is dischargeable” in a case under title 11.1 The agreement must be “made before the granting of the discharge.”2 The Bankruptcy Code does not define the term “reaffirmation agreement,” but the term refers to agreements to which subsection 524(c) pertains.3 More simply defined, “‘[a] reaffirmation agreement is a postpetition agreement between an individual chapter 7 debtor and a creditor in which the debtor agrees to pay a prepetition debt to the creditor in order to retain the property subject to the creditor’s security interest.’”4
