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Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.
A debtor may enter into a reaffirmation agreement in order to take a debt owed on an automobile (for example) and agree to remove that debt from being dischargeable. This is the case for many debtors who want to desire to keep their vehicle even though money is still owed on the car loan.
Agreeing to repay the excess loan amount in ance with the terms of the promissory note is called reaffirmation. You can reaffirm an excess loan amount by signing a reaffirmation agreement with your loan servicer. Live chat:Chat with an Expert.
If you decide to enter into a reaffirmation agreement, you must do so before you receive your discharge. After you have entered into a reaffirmation agreement and all parts of this form that require a signature have been signed, either you or the creditor should file it as soon as possible.
An example of a reaffirmation agreement might be the debtors agreement to continue making payments on an auto loan after the bankruptcy discharge in return for keeping a car that would otherwise be subject to repossession.
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But usually, his faith is reaffirmed by the end of the story. In a statement, the school downplayed the wording of the brief and reaffirmed its commitment to the agreement.
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.

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