Reaffirmation Agreements

  • An opportunity for the Debtor to continue payments on an otherwise dischargeable debt.
  • An opportunity for the Creditor to lock the Debtor into the terms originally agreed to.
  • §524(c): strict compliance is required including:

(1) Agreement must be made before the Discharge;

(2) Agreement contains clear and conspicuous language advising the Debtor that (a) it may be rescinded any time prior to Discharge or within 60-days after it is filed; and (b) that it is not required by law;

(3) Agreement must be filed with the Court and accompanied by the Affidavit of Attorney representing the Debtor stating that debtor-client was: (a) fully informed; (b) voluntarily entered into the agreement; (3) will not suffer undue hardship