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15. Reaffirmation Agreements
A new paragraph (2) is added to § 524(c), requiring as a condition for the effectiveness of a reaffirmation agreement that the debtor receive an extensive set of disclosures, set out in new § 524(k). Although these requirements for effectiveness are limited to the debtor's receipt of the disclosures, § 524(k)(6) requires the debtor to sign, prior to filing the reaffirmation agreement, a statement disclosing the debtor's income, the debtor's actual current monthly expenses, and the resulting balance available to pay the debt proposed to be reaffirmed. In the past reaffirmation agreements were haphazard and in some cases no such agreements were ever put in place notwithstanding the fact that the debtor listed the creditor on the petition but continued to pay under the original agreement. This occurs typically with regard to automobile finance or furniture leasing contracts.
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