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Title : Should I Sign a Reaffirmation Agreement?
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Should I Sign a Reaffirmation Agreement?

Reaffirmation agreements are standard in bankruptcy. But before I can explain if you should sign a reaffirmation agreement, we need to understand exactly what a reaffirmation agreement is. A reaffirmation agreement is a contract created by your secured creditor for you to agree to continue making your regular payments on your debt. The reaffirmation agreement will only be given to you if you file a Chapter 7, because if you file a Chapter 13 you will continue making the payments or cover the payments in your Plan. These are usually issued by creditors who holds the loan on your car or mortgage, but sometimes are issued by creditors like Best Buy (assuming you recently bought that big screen television). The reaffirmation agreement will pull the debt out of bankruptcy and that debt will not be discharged. So you will be on the hook for the debt after you get your discharge.

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