Reaffirmation Agreements

A Reaffirmation Agreement is an agreement by which you becomes legally obligated to pay all or a portion of an otherwise dischargeable debt. Such an agreement must generally be filed within sixty (60) days after the first date set for the Meeting of Creditors.

Reaffirmation agreements occur in Chapter 7 but not Chapter 13 cases.

Reaffirmation Agreements are strictly voluntary. They are not required by the Bankruptcy Code or other state or federal law. You can voluntarily repay any debt without signing a Reaffirmation Agreement.

A Reaffirmation Agreement takes away some of the effectiveness of your discharge.

 If you sign a Reaffirmation Agreement, you have a minimum of sixty (60) days after the agreement is filed with the court to change your mind. If your discharge date is more than sixty (60) days after the agreement is filed with the court you have until then to change your mind. If you reaffirm a debt and fail to make the payments as agreed, the creditor can take action against you to recover any property that was given as security for the loan and you may remain personally liable for any remaining debt.