What is a reaffirmation agreement?

A reaffirmation agreement is a legal document that is used in bankruptcy proceedings in Oklahoma. It is an agreement between the debtor and a creditor that states that the debtor agrees to continue to pay off a debt even after the bankruptcy has been filed. Reaffirmation agreements allow a debtor to keep certain property that they may have been in jeopardy of losing due to the bankruptcy filing. They are typically used when the debtor wants to keep their home or vehicle that they would have otherwise lost in the bankruptcy proceedings. The agreement states that the creditor will not repossess the property and the debtor will make payments on the agreed-upon terms. To be legally valid, a reaffirmation agreement must be approved by the bankruptcy court. This happens when the debtor files a statement with the court that they fully understand their obligations under the agreement and they are able to pay off the debt. It is important for debtors to have the advice of a lawyer during the process of signing a reaffirmation agreement. Reaffirmation agreements can be a useful tool in bankruptcy proceedings, but they should only be used if the debtor is certain they can afford the payments. If the debtor is not able to make the payments, they may be back in the same situation they were in before filing bankruptcy and may lose the property they are trying to keep.

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What is a reaffirmation agreement?

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