The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
(referred to hereafter as the Reform Act) included provisions to
better inform individuals who file for personal bankruptcy about
their options for reaffirming debt--whereby filers may voluntarily
agree to pay certain creditors in an effort to retain assets, such
as an automobile. Reaffirmation agreements between debtors and
creditors are required, by law, to formally disclose to debtors the
terms of the agreement, such as the amount of debt reaffirmed. Some
requirements differ for credit unions, such as an exemption for
reporting debtor financial information when the debtor's attorney
signs the agreement. This book discusses (1) the extent to which
required Reform Act disclosures and other information have been
incorporated into reaffirmation agreements, (2) the types of debts
reaffirmed and the percent this debt comprised of debtors' overall
debt burden, and (3) how reaffirmed and original interest rates
compare.
General
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