What is a reaffirmation agreement?

A reaffirmation agreement is an agreement between a creditor and a debtor (a person who owes money) in the state of Washington that a debt will continue to be legally enforceable and will not be discharged in a bankruptcy. The agreement is usually made when a consumer files for bankruptcy and applies to a particular debt or loan. In the agreement, the consumer agrees to pay the full amount of the debt even though they have the right to have it discharged. The reaffirmation agreement must be signed before or within 45 days after the bankruptcy is filed. The signing of the agreement is voluntary, and it is up to the consumer to decide whether or not to sign. The agreement must be approved by the bankruptcy court, and the consumer must receive a notice stating that the agreement will result in them owing the debt even after their bankruptcy is discharged. Reaffirmation agreements can be beneficial for those filing for bankruptcy who want to get out of debt but are willing to remain accountable for a specific debt owed. It is a way for a consumer to avoid a debt being discharged by the bankruptcy court and make sure that the debtor is held accountable for any debts that they owe.

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What is a reaffirmation agreement?

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