A reaffirmation agreement is an agreement where a debtor chooses to become legally obligated again to pay all or portion of a debt which would be discharged in the bankruptcy case. A reaffirmation agreement must be filed within 60 days after the meeting of creditors date. Reaffirmation agreements are voluntary. They are not required by the Bankruptcy Code or other state or federal law. After bankruptcy, a debtor can voluntarily repay any debt rather than sign a reaffirmation agreement, but since October 2005, there may be valid reasons for signing a reaffirmation agreement (at least in regard to vehicles).
Since a reaffirmation agreement takes away some of the “fresh start” given by a discharge of debts in bankruptcy, some attorneys will advise strongly against signing one. Even if one is signed, the Debtor has 60 days after the agreement is filed with the court or from the discharge date to change his mind. All that is needed, is a letter saying “I don’t want this agreement”, with the letter being sent to the court and to the creditor.
I represent individuals and businesses throughout the states of Iowa including residents of these cities, towns, counties and surrounding areas -