reaffirmation agreement

Definition of "reaffirmation agreement"
  1. A contract in which a debtor promises to pay a debt that could be eliminated in bankruptcy, often to protect assets such as property from being taken back
How to use "reaffirmation agreement" in a sentence
  1. Due to her reaffirmation agreement, she kept her car by continuing to make the payments.
  2. The homeowner entered into a reaffirmation agreement to avoid his house being repossessed.
  3. After filing for bankruptcy, he signed a reaffirmation agreement to keep his prized motorcycle.

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