Reaffirmation

Reaffirmation
An agreement made between a debtor and a creditor to repay some or all of a debt. Reaffirmations are made on a purely voluntary basis by the debtor. The bankruptcy code stipulates that the debtor's attorney must file a statement with the court affirming that he or she can repay the debt without incurring further personal financial harm.

Reaffirmations cannot legally require the debtor to repay the debt. Lenders have no real leverage from them, and can only rely on the good faith intent of the debtor to repay the debt. This type of arrangement is prohibited under Chapter 13 Wagearner plans.


Investment dictionary. . 2012.

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  • réaffirmation — ● réaffirmation nom féminin Action de réaffirmer ; fait d être réaffirmé. ⇒RÉAFFIRMATION, subst. fém. Action de réaffirmer; résultat de cette action. A. Peu usité. Action de (se) mettre de nouveau en relief, en évidence, avec une intensité, un… …   Encyclopédie Universelle

  • reaffirmation — index recital, restatement Burton s Legal Thesaurus. William C. Burton. 2006 reaffirmation …   Law dictionary

  • reaffirmation — [spelling only] …   English World dictionary

  • Reaffirmation — Reaffirmance Re af*firm ance (r[=e] [a^]f*f[ e]rm ans), Reaffirmation Re*af fir*ma tion (r[=e]*[a^]f f[ e]r*m[=a] sh[u^]n), n. A second affirmation. [1913 Webster] …   The Collaborative International Dictionary of English

  • reaffirmation agreement — An agreement by a chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually for the purpose of keeping collateral or mortgaged property that would otherwise be subject to repossession (SA Bankruptcy.com) A bankruptcy… …   Glossary of Bankruptcy

  • reaffirmation hearing — see hearing Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • reaffirmation agreement — USA A Chapter 7 debtor s agreement to continue paying a dischargeable debt after a bankruptcy. This usually happens to prevent repossession of collateral. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • Reaffirmation agreement — A reaffirmation agreement in United States bankruptcy law refers to an agreement made between a creditor and the debtor that waives discharge of a debt that would otherwise be discharged in the pending bankruptcy proceeding. A properly executed,… …   Wikipedia

  • reaffirmation — n. * * * …   Universalium

  • reaffirmation — noun An act of reaffirming; a second or subsequent affirmation …   Wiktionary

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