Definition from Nolo’s Plain-English Law Dictionary
An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.
Definition provided by Nolo’s Plain-English Law Dictionary.
August 19, 2010, 5:23 pm