He has depleted his savings and is unable to make his mortgage payments.
See more. A bankruptcy discharge is an order that releases a debtor from personal liability for certain types of debts. Reaffirmation is primarily utilized in Chapter 7 bankruptcy. Learn more. Do you not think it wrong to affirm and reaffirm what is substantially untrue? If, however, he fails to make the mortgage payments under the new terms, then the lender will take possession of his home and begin foreclosure proceedings. It is in the best interest of the borrower to go through a legal process, such as reaffirmation, whenever aiming to resolve or manage financial obligations. If you affirm something, you are saying "I believe in this!" They are legal documents, but a person cannot go to prison for violating them. A bond violation is a breach of the terms of a surety agreement where one party causes damage to the other. This typically helps a person trying to rebuild their credit after bankruptcy. Borrowers who do not reaffirm a debt, however, typically won't see their payments register with credit reporting agencies.

Affirm definition, to state or assert positively; maintain as true: to affirm one's loyalty to one's country; He affirmed that all was well. Absentee Ballot vs. Mail-In Ballot: Is There A Difference?

The government has reaffirmed that it will take any steps necessary to maintain law Space Week falls at this calendar juncture because this first October week is bookended by two key dates.

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All Years Reaffirmation does make a borrower liable for a debt and is arranged through a formal agreement with the courts and is therefore a legal process for the borrower to protect themselves and their assets. When a borrower reaffirms a debt, this is noted by credit reporting agencies, which then register that the person will make regular on-time payments. Our new online dictionaries for schools provide a safe and appropriate environment for children. Debtors make reaffirmation agreements purely on a voluntary basis. "I can only reaffirm my position," Dr. Hammerfield retorted tartly. So this quality standard is to reaffirm the, American Manhood: Transformations in Masculinity from the Revolution to the Modern Reaffirmation is a type of agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings. To reaffirm is to make a renewed commitment to something, usually verbally.

The reaffirmation has prevented John from having to have his home foreclosed.

Exploring the Types of Default and the Consequences. What Is The Difference Between “It’s” And “Its”?

For these reasons do I reaffirm that it is high time to yoke a rascal to the shafts. What Is Reaffirmation?

Chapter 7 focuses on the liquidation of assets and the order in which the debt is to be repaid. Default happens when a borrower fails to repay a portion or all of a debt including interest or principal.

the seasonal migration of livestock to suitable grazing grounds, 'Hepatomegaly' and 'hydronephrosis' are among the most frequently looked-up words in September. Reaffirmation is a type of agreement a debtor makes with a lender to repay some or all of a debt despite going through bankruptcy proceedings.

“Epidemic” vs. “Pandemic” vs. “Endemic”: What Do These Terms Mean? View usage for: Reaffirmation protects against a lender taking your assets. A Stipulated Judgment is a court decision ordering a debtor to pay back a debt according to an agreed schedule. For example, John owns a home and has $200,000 left to pay on his mortgage.

Last 50 years Borrowers who simply need to absolve themselves of their debts and are not likely to make regular payments do not stand to gain anything from the reaffirmation process.

Another word for reaffirm. Chapter 7 bankruptcy is primarily when reaffirmation is used. Bankruptcy is a legal proceeding for people or businesses that are unable to repay their outstanding debts. You can get a certain insight into human nature from analysing the words that people look up in dictionaries.
Era. I want to reaffirm my belief in the soundness and the promise of this proposal.

The word is sometimes used in a legal context to refer to a court upholding a ruling or a … Reaffirmations often result in borrowers not having to cede their pledged collateral to debtors. We have almost 200 lists of words from topics as varied as types of butterflies, jackets, currencies, vegetables and knots! Bankruptcy code stipulates that the debtor's attorney must file a statement with the court affirming that their client can repay the debt without incurring further personal financial harm. It was enough simply to reaffirm the fundamental principles of democracy. Some borrowers want to continue making their loan payments without going through the formal reaffirmation process. reaffirm definition: 1. to give your support to a person, plan, idea, etc. Toward the close of his life he took occasion to reaffirm them. However, reaffirmation has some benefits for the borrower. To reaffirm something is to state or confirm it again. Last 10 years Generally, to reaffirm a debt, a person must be current on their payments of that particular loan. And best of all it's ad free, so sign up now and start using at home or in the classroom. When a borrower reaffirms a debt, this is noted by credit reporting agencies, which then register that the person is making regular on-time payments. From moonshoot to balconing: discover the latest words added to the Collins Dictionary. And I need only add that I reaffirm what I have written with entire sincerity. He reaffirmed his commitment to the country's economic reform programme. In the event that the debtor fails to make their scheduled payments and breaches the agreement, the lender takes possession of the collateral, if they so choose.

Roget's 21st Century Thesaurus, Third Edition Copyright © 2013 by the Philip Lief Group. He reaffirms the debt he owes on the home mortgage, with a chance to renegotiate payments with the lender. Reaffirmation is not always possible for people filing for bankruptcy. All the latest wordy news, linguistic insights, offers and competitions every month. Legal Definition of reaffirm 1 : to affirm again 2 : to agree to the payment of (a dischargeable debt) with a creditor prior to the discharge of debts in bankruptcy reaffirmed her debt in order to keep her car By entering into a reaffirmation agreement, a borrower often maintains possession of an asset held as collateral such as a home or a car, as long as they can fully repay the debt owed on that particular loan. Reaffirmation is an agreement by a debtor, to a lender, to repay some or all of their debt.

Download our English Dictionary apps - available for both iOS and Android. Create an account and sign in to access this FREE content. “Affect” vs. “Effect”: Use The Correct Word Every Time. When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay. Last 300 years. Last 100 years Reaffirm definition: If you reaffirm something, you state it again clearly and firmly. John is able to meet these lower payments with some side jobs he has been able to find. Today, 9 October, is the penultimate day of this year’s World Space Week, a UN event launched in 1999. But she stayed with her decision and often had to reaffirm it. It can also mean to uphold, maintain, or stand by something. Your personal liability on the debt is gone but not the lender's right to take your assets. John recently lost his job during a recession and has now been out of work for one year, unable to find employment. Debtors make reaffirmation agreements purely on a voluntary basis.

and order. His monthly payments of principal and interest amount to $1,305. Chapter 7 is primarily used for individuals having difficulty meeting their debt obligations.

Amaze your friends with your new-found knowledge! for a second time; to state something as true…. He and his mortgage company come to an agreement of a lower monthly mortgage payment or a lower interest rate during the reaffirmation process. And I'm asking the Congress specifically to reaffirm this agreement. John arranges with his mortgage company a reaffirmation that is approved in court. The online version of the Collins Dictionary has just been updated again, with another batch of new words and meanings inspired by the events of the summer. Find more ways to say reaffirm, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus.

| Meaning, pronunciation, translations and examples There are some words that seem to be of perennial interest, so if you compare the list of words that were looked up most often in March with the words that were looked up most often in September, you will find a lot of words appearing on both lists. Chapter 7 absolves the borrower of the debt that they have to pay, however, it does not remove the fact that the lender can claim the assets that are pledged as collateral. A judgment lien is a court ruling giving a creditor the right to take possession of a debtor's property if the debtor doesn't fulfill his or her obligations.


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