What is a reaffirmation agreement, is it a good idea to reaffirm debts?
When you reaffirm a debt in banruptcy, you are making a new contract with that creditor to pay the loan. For example, you want to keep your car, you will need to sign a reaffirmation agreement with the creditor , assuming you still owe money on the vehicle. You are making a new agreement to pay the terms of the loan. You also agree that the protection of the bankruptcy court will not extend to this debt after your discharge. It is hard to say whether or not a reaffirmation is a good idea. In some cases, a reaffirmation can be good and in some cases it can be a bad idea. Your best bet is to take this on a case by case basis.
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