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Bankruptcy Terminology

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REAFFIRMATION AGREEMENT

An agreement by a chapter 7 debtor to continue paying a dischargeable debt after the bankruptcy, usually for the purpose of keeping collateral or mortgaged property that would otherwise be subject to repossession.

 

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A decision about personal bankruptcy can affect your life for the next 10 years. Be informed and take some time to educate yourself about this very important step in your financial life.

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