Reaffirmation Agreement

State:
Multi-State
Control #:
US-B-2400AB-ALT
Format:
PDF
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Description

Reaffirmation Agreement A Reaffirmation Agreement is a legally binding contract that reaffirms a debtor's responsibility for a specific debt such as a mortgage, car loan, or credit card debt. By signing a Reaffirmation Agreement, the debtor agrees to continue making payments on the debt and acknowledges that the debt is still owed and that the creditor can take action to collect the debt, such as filing a lawsuit to obtain a judgment. There are two types of Reaffirmation Agreement: voluntary and court-ordered. A voluntary Reaffirmation Agreement is a contract that the debtor and creditor enter into on their own terms. A court-ordered Reaffirmation Agreement is a contract that is ordered by the court in a bankruptcy proceeding.

A Reaffirmation Agreement is a legally binding contract that reaffirms a debtor's responsibility for a specific debt such as a mortgage, car loan, or credit card debt. By signing a Reaffirmation Agreement, the debtor agrees to continue making payments on the debt and acknowledges that the debt is still owed and that the creditor can take action to collect the debt, such as filing a lawsuit to obtain a judgment. There are two types of Reaffirmation Agreement: voluntary and court-ordered. A voluntary Reaffirmation Agreement is a contract that the debtor and creditor enter into on their own terms. A court-ordered Reaffirmation Agreement is a contract that is ordered by the court in a bankruptcy proceeding.

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Reaffirmation Agreement