What is a reaffirmation agreement?

A reaffirmation agreement is a document that is used in bankruptcy proceedings in Florida. It is an agreement between a debtor who has filed for bankruptcy and a creditor that holds a secured claim. In a reaffirmation agreement, the debtor agrees to continue to be liable to the creditor after the bankruptcy filing, and agrees to pay all or part of the debt according to the original agreement. In the bankruptcy process, there are two types of claims that creditors have – secured and unsecured claims. A secured claim is a debt that is secured by some asset, such as a home or car. An unsecured claim is a debt that is not secured by any collateral. If the debtor wants to keep the asset secured by the claim, they can enter into a reaffirmation agreement with the creditor. Under the terms of a reaffirmation agreement, the debtor agrees to continue to be liable for the debt and agrees to pay the debt according to its original terms. The creditor also agrees to not take legal action against the debtor for the debt, although the debt is still considered due and owed. Reaffirmation agreements are voluntary and must be approved by a bankruptcy court before they become binding and enforceable. If the debtor does not wish to enter into a reaffirmation agreement, they can simply surrender the secured asset to the creditor.

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What is a reaffirmation agreement?

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