BK1 SOLUTIONS

Reaffirmation has a significant positive influence on a creditor’s rate of recovery in bankruptcy cases. Properly prepared, executed and filed, reaffirmation agreements remove the debt from bankruptcy and restore it into your active accounts receivable.

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“A debtor may choose to reaffirm a debt prior to the granting of a debtor’s discharge. Code §524(c). Reaffirmation has the effect of making the debtor personally liable for the debt after discharge. A debtor typically wishes to reaffirm a debt when the debtor is in default on payments due under a loan secured by property that the debtor wishes to retain.”

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