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What is debt reaffirmation?

By Florida Law Advisers, P.A. |

Reaffirmation of debt is an agreement between the debtor and creditor to pay back a loan. Often, a debtor will request to reaffirm a debt if they want to maintain possession of property that is used as collateral. If the debtor reaffirms the loan and makes no future defaults, the creditor will be unable… Read More »

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Is reaffirmation of debt necessary?

By Florida Law Advisers, P.A. |

No, if the collateral qualifies as exempt property you may not have to reaffirm the loan. Exempt property are assets that you do not have to forfeit when filing for bankruptcy.

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Is debt reaffirmation available in both Chapter 7 and 13 bankruptcy?

By Florida Law Advisers, P.A. |

Yes, you may be able to affirm debts in both Chapter 7 and 13 bankruptcy. However, it is most common to affirm debt in Chapter 7.

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Are there requirements for reaffirmation?

By Florida Law Advisers, P.A. |

Yes, reaffirmation agreements must be approved by the bankruptcy court before they can become effective. Generally, the court will require an agreement to be in the best interest of the borrower.

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