What is a reaffirmation agreement?

A reaffirmation agreement is a document signed by both a creditor and a debtor that reinstates a debt and reaffirms the debtor’s agreement to pay the debt. This type of agreement is typically used in bankruptcy cases, and allows a debtor to maintain certain personal property despite filing for bankruptcy. In Connecticut, the law requires that the reaffirmation agreement be in writing, and must be signed by both parties. Additionally, the debtor must receive independent legal advice before signing, and the attorney must sign a document that certifies to the court that the advice was received and the debtor is acting under his or her free will. In some cases, the reply will allow the debtor to assume the debt and make payments as agreed, or possibly make payments at a reduced rate. The debtor may also decide to surrender the property, which means the debt will be eliminated, but the debtor will no longer own the property. In any case, the debtor will be held liable for any portion of the debt that remains after the reaffirmation agreement has been completed. After signing, the debtor is legally obligated to follow the terms of the agreement. It is important for a debtor to fully understand the implications of signing a reaffirmation agreement and to ensure that all paperwork is filled out correctly.

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What is a reaffirmation agreement?

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