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Reaffirmation has a significant positive influence on a creditor’s rate of recovery in bankruptcy cases. Properly prepared, executed and filed, reaffirmation agreements remove the debt from bankruptcy and restore it into your active accounts receivable.

“A debtor may choose to reaffirm a debt prior to the granting of a debtor’s discharge. Code §524(c). Reaffirmation has the effect of making the debtor personally liable for the debt after discharge. A debtor typically wishes to reaffirm a debt when the debtor is in default on payments due under a loan secured by property that the debtor wishes to retain.”

Reprinted with permission from Bankruptcy – A Survival Guide for Lenders, published by the American Bankruptcy Institute (

Knowledge of how to properly apply reaffirmation documents is critical.

CBS has years of experience working with clients to draft reaffirmation documents for presentation to debtor’s counsel and filing with the Bankruptcy Court.

For secured debt in Chapter 7 bankruptcies, reaffirmation agreements are one of the options for the debtor in addition to redemption or surrender of the collateral.

For unsecured debt, an offer of reaffirmation to the debtor in Chapter 7 cases coupled with an offer to reinstate credit privileges is a powerful recovery technique.

CBS can show clients how to design a reaffirmation and reinstatement program to work to the mutual advantage of creditor and debtor.

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