Definition - What does Reaffirmation mean?
Reaffirmation is a type of an agreement that is used to pay specific debts that might simply be discharged during the process of bankruptcy. After filing the petition for bankruptcy, the reaffirmation agreement may be signed to clear certain debts. A reaffirmation agreement is a legal document and can be enforced.
Justipedia explains Reaffirmation
Despite being a legal document, a reaffirmation agreement is a voluntary one. Once filed in the court and approved, it can be enforced. A reaffirmation agreement can also be canceled in situations where it is discharged by the court or within 60 days from the date of its filing.
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