What is reaffirmation?

NJ Bankruptcy Law FAQ

Q) What is reaffirmation?

A) Typically a bankruptcy petition is filed to cancel your debts; however you have the option to “reaffirm” your debt. If you elect to reaffirm your debt, you will be legally obligated to repay the debt despite your bankruptcy. In the event of a reaffirmation, the debt is not canceled by the bankruptcy. If you are to fall behind on a reaffirmed debt, you will get collection calls, possibly get sued and may have your wages garnished or other personal property taken in order to satisfy that debt. You should be very careful prior to agreeing to reaffirm any debt. You should speak with your bankruptcy attorney prior to agreeing to do so.

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