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Property you keep
Reaffirmation agreement
An agreement to keep paying a dischargeable debt, often a car loan, in exchange for keeping the collateral. 1
Talk to a lawyerHow it works
A debtor may agree to keep paying a debt that would otherwise be discharged, often a car loan, in exchange for keeping the collateral. 1
The agreement must be made before the discharge. The debtor can cancel it any time before discharge or within 60 days after it is filed with the court, whichever is later. 2
In Chapter 7, an individual with secured debts files a statement of intention for property such as a car, saying whether they will surrender it, redeem it or reaffirm the debt. 3
Common questions
Can I change my mind after signing?
You can cancel it any time before discharge or within 60 days after it is filed with the court, whichever is later. 2
Sources
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