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Reaffirmation Agreement - what is it?

The reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed for bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral. This means that the debtor will remain personally liable on that debt. Visit the Reaffirmation Agreement page to review requirements, forms, and additional information.