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Definition of Reaffirm

A debtor wishing to keep the asset, such as an automobile or a house may “reaffirm” the debt or redeem the property in a Chapter 7 bankruptcy. A reaffirmation is an agreement between the debtor and the creditor in which the debtor promises to pay all or a portion of the money owed in order to retain the asset. The reaffirmed debt will still be owed after the discharge. In a Chapter 13 bankruptcy, most secured debts may be reorganized.

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Posted June 2015