Reaffirmation of Debt in Chapter 7 Bankruptcy | Practical Law
A Practice Note discussing why a debtor may choose to enter into an agreement reaffirming certain debt with a creditor rather than discharge the debt in the Chapter 7 bankruptcy. This Note further details the process of reaffirming a debt, including the necessary creditor disclosures and the requirements for the debtor's statement in support of the reaffirmation agreement.