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";s:4:"text";s:9418:"Borrowers who do not reaffirm a debt, however, typically won't see their payments register with credit reporting agencies. Reaffirmations often result in borrowers not having to cede their pledged collateral to debtors. 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. 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. Bankruptcy is a legal proceeding for people or businesses that are unable to repay their outstanding debts. Chapter 7 focuses on the liquidation of assets and the order in which the debt is to be repaid. for a second time; to state something as true…. the seasonal migration of livestock to suitable grazing grounds, 'Hepatomegaly' and 'hydronephrosis' are among the most frequently looked-up words in September. It was decided to reaffirm the "gude and lovable" Act of 1427. “Epidemic” vs. “Pandemic” vs. “Endemic”: What Do These Terms Mean? To reaffirm is to make a renewed commitment to something, usually verbally. Last 100 years Create an account and sign in to access this FREE content. The reaffirmation has prevented John from having to have his home foreclosed. 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. Last 300 years. Reaffirm definition: If you reaffirm something, you state it again clearly and firmly. Do you not think it wrong to affirm and reaffirm what is substantially untrue? Today, 9 October, is the penultimate day of this year’s World Space Week, a UN event launched in 1999. He reaffirmed his commitment to the country's economic reform programme. John recently lost his job during a recession and has now been out of work for one year, unable to find employment. If you affirm something, you are saying "I believe in this!" Our new online dictionaries for schools provide a safe and appropriate environment for children. Last 10 years And best of all it's ad free, so sign up now and start using at home or in the classroom. "I can only reaffirm my position," Dr. Hammerfield retorted tartly. 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. What Is Reaffirmation? A bankruptcy discharge is an order that releases a debtor from personal liability for certain types of debts. From moonshoot to balconing: discover the latest words added to the Collins Dictionary. Cambridge Dictionary +Plus “Affect” vs. “Effect”: Use The Correct Word Every Time. Chapter 7 is primarily used for individuals having difficulty meeting their debt obligations. 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. 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. A Stipulated Judgment is a court decision ordering a debtor to pay back a debt according to an agreed schedule. Chapter 7 bankruptcy is primarily when reaffirmation is used. Roget's 21st Century Thesaurus, Third Edition Copyright © 2013 by the Philip Lief Group. View usage for: Download our English Dictionary apps - available for both iOS and Android. reaffirm definition: 1. to give your support to a person, plan, idea, etc. But she stayed with her decision and often had to reaffirm it. What Is The Difference Between “It’s” And “Its”? The word is sometimes used in a legal context to refer to a court upholding a ruling or a … When a person files for bankruptcy, they do so in order to be relieved of a debt burden they cannot pay. 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. For these reasons do I reaffirm that it is high time to yoke a rascal to the shafts. John is able to meet these lower payments with some side jobs he has been able to find. Reaffirmation protects against a lender taking your assets. All the latest wordy news, linguistic insights, offers and competitions every month. You can get a certain insight into human nature from analysing the words that people look up in dictionaries. So this quality standard is to reaffirm the, American Manhood: Transformations in Masculinity from the Revolution to the Modern and order. Your personal liability on the debt is gone but not the lender's right to take your assets. Learn more. | Meaning, pronunciation, translations and examples 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. Exploring the Types of Default and the Consequences. So reaffirming repeats your belief, making it clear that you still feel … 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. 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. Another word for reaffirm. Toward the close of his life he took occasion to reaffirm them. We have almost 200 lists of words from topics as varied as types of butterflies, jackets, currencies, vegetables and knots! 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. All Years And I'm asking the Congress specifically to reaffirm this agreement. Generally, to reaffirm a debt, a person must be current on their payments of that particular loan. 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 He has depleted his savings and is unable to make his mortgage payments. This typically helps a person trying to rebuild their credit after bankruptcy. Some borrowers want to continue making their loan payments without going through the formal reaffirmation process. 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. Reaffirmation is primarily utilized in Chapter 7 bankruptcy. Reaffirmation is not always possible for people filing for bankruptcy. He and his mortgage company come to an agreement of a lower monthly mortgage payment or a lower interest rate during the reaffirmation process. Reaffirmation is an agreement by a debtor, to a lender, to repay some or all of their debt. Space Week falls at this calendar juncture because this first October week is bookended by two key dates. The government has reaffirmed that it will take any steps necessary to maintain law Absentee Ballot vs. Mail-In Ballot: Is There A Difference? Debtors make reaffirmation agreements purely on a voluntary basis. A bond violation is a breach of the terms of a surety agreement where one party causes damage to the other. I want to reaffirm my belief in the soundness and the promise of this proposal. For example, John owns a home and has $200,000 left to pay on his mortgage. Era. John arranges with his mortgage company a reaffirmation that is approved in court. However, reaffirmation has some benefits for the borrower. It can also mean to uphold, maintain, or stand by something. 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. They are legal documents, but a person cannot go to prison for violating them. Find more ways to say reaffirm, along with related words, antonyms and example phrases at Thesaurus.com, the world's most trusted free thesaurus. 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. Amaze your friends with your new-found knowledge! 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. He reaffirms the debt he owes on the home mortgage, with a chance to renegotiate payments with the lender. Last 50 years It was enough simply to reaffirm the fundamental principles of democracy. Debtors make reaffirmation agreements purely on a voluntary basis. See more. To reaffirm something is to state or confirm it again. His monthly payments of principal and interest amount to $1,305. And I need only add that I reaffirm what I have written with entire sincerity. Default happens when a borrower fails to repay a portion or all of a debt including interest or principal. 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. 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