What is a reaffirmation agreement?

A reaffirmation agreement is a legal document in Kansas Bankruptcy Law that allows a debtor—or someone going through bankruptcy—to continue making payments on a secured debt even after filing for bankruptcy. A secured debt is a loan that is secured by an asset such as a car, boat, or house. When a person files for bankruptcy, all of their debts, including secured debts, are discharged and the debtor is no longer legally responsible for repaying them. By agreeing to a reaffirmation agreement, the debtor voluntarily keeps their obligation to pay back the secured debt, regardless of bankruptcy. In Kansas, a reaffirmation agreement is considered a legally binding contract and must be signed off by the debtor and the secured creditor. After the agreement is signed, the debtor is required to continue making payments on the debt. If the debtor defaults on the terms of the agreement, the secured creditor may be able to take action to repossess the asset that was used to secure the loan. Reaffirmation agreements are not typically recommended and should only be entered into after all other options to keep the secured debt have been explored. Before signing a reaffirmation agreement, the debtor should consult with a bankruptcy lawyer to ensure that it is a good decision.

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What is a reaffirmation agreement?

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