Reaffirmation Agreement

Where debtor agrees to be liable and continue paying a particular debt despite discharge
 * 1) Enable the debtor to retain collateral that the creditor otherwise could repossess notwithstanding the discharge
 * 2) Settle discharge litigation
 * 3) Protect a co-obligor on the debt
 * 4) Personal reasons, such as a desire to preserve a relationship with the creditor

For an Agreement to be effective, it must:

 * 1) Specify the amount being reaffirmed, rates of interest, when payments will begin
 * 2) Debtor must indicate agreement is a "voluntary activity"
 * 3) Not induced by pressure of creditor
 * 4) Does not impose undue burden on debtor, and
 * 5) Debtor can actually satisfy the debt because it does not exceed his income, and
 * 6) The agreement can be rescinded within 60 days after filing the document in court