What is ‘Reaffirmation’
An agreement made between a debtor and a creditor to repay some or all of a debt. Reaffirmations are made on a purely voluntary basis by the debtor. The bankruptcy code stipulates that the debtor’s attorney must file a statement with the court affirming that he or she can repay the debt without incurring further personal financial harm.
Explaining ‘Reaffirmation’
Reaffirmations cannot legally require the debtor to repay the debt. Lenders have no real leverage from them, and can only rely on the good faith intent of the debtor to repay the debt. This type of arrangement is prohibited under Chapter 13 Wagearner plans.
Further Reading
- A (qualified) reaffirmation of ANC hegemony: assessing South Africa's 2009 election – www.tandfonline.com [PDF]
- The challenges of 'Children's Geographies': a reaffirmation – www.tandfonline.com [PDF]
- Financial accounting research, practice, and financial accountability – onlinelibrary.wiley.com [PDF]
- China MFN: A Reaffirmation of Tradition or Regulatory Reform – heinonline.org [PDF]
- Reaffirmation of the view of space in the globalization era: Theories and practice of postmodern geographies – en.cnki.com.cn [PDF]
- The 1995 Malaysian General Election: Reaffirmation of Barisan Nasional Dominance – www.tandfonline.com [PDF]
- Diversification strategies, business cycles and economic performance – onlinelibrary.wiley.com [PDF]
- Screening for syphilis infection in pregnant women: US Preventive Services Task Force reaffirmation recommendation statement – jamanetwork.com [PDF]
- Screening for pancreatic cancer: US preventive services task force reaffirmation recommendation statement – jamanetwork.com [PDF]
