What is the point of signing a reaffirmation agreement?
June 28, 2022
By Diane Drain Attorney & Retired Law Professor
Perhaps in a circumstance when the creditor is proposing better terms on a new contract, such as a principle reduction equivalent to the vehicle’s current fair market value and a lower interest rate. Nothing prevents the Debtor from negotiating these new terms as part of any reaffirmation agreement, but the lender has the option to reject them, and the court cannot compel the lender to accept them.
About the Author: Diane Drain
Diane is a well respected Arizona bankruptcy and foreclosure attorney. As a retired law professor, she believes in offering everyone, not just her clients, advice about bankruptcy and Arizona foreclosure laws. Diane is also a mentor to hundreds of Arizona attorneys.
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