When you reaffirm a debt, you are signing a contractual agreement to not discharge a debt. That agreement is also signed by the creditor and usually your bankruptcy attorney. The agreement is then filed with the Bankruptcy Court. The filed reaffirmation agreement keeps that particular debt from being discharged in your chapter 7 bankruptcy.
Reaffirmation agreements can be rescinded or undone for 60 days after the date of filing the reaffirmation agreement or until the discharge, whichever occurs later.
Be sure to notify your attorney the moment you make the decision that you want to undo the reaffirmation agreement as your attorney must check with the court as to when the reaffirmation agreement was filed, and calculate whether you can rescind it. To rescind the reaffirmation agreement the attorney must draft and file a document with the court and give notice to the creditor.
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Cynthia T. Lawson is the Managing Partner of the Bond & Botes Law Offices location in Knoxville, Tennessee. She holds a Bachelor of Science from East Tennessee State University, and a Juris Doctorate from University of Memphis, Cecil C. Humphreys School of Law. She currently serves as a Mentor for the Moment in bankruptcy.Read her full bio here.