Can A Creditor Ask A Debtor To Reaffirm A Debt?
Yes, this means that the creditor is asking that the debtor pay the debt anyway, even after it has been discharged. A debtor may be willing to do this if there is a cosigner or guarantor of the debt (such as a family member, friend or employer) that the debtor does not wish to leave saddled with the debt. Also, a debtor may want to reaffirm a debt in order to avoid having a secured creditor take the collateral provided for the debt. A creditor may also ask a debtor to reaffirm the debt before he (the creditor) will agree to do business with the debtor again.
Other Arizona Collections-Creditors Rights FAQs
-
Q:
What Is A Levy And Execution?
A: A levy is a legal method that a creditor may use to seize (take) property that you own. Most commonly a levy refers to an action by IRS or the state tax agency …
More
-
Q:
What Is A Judgment Lien?
A: A judgment is the formal decision of a court. It is impossible here to determine what the meaning of a judgment is without seeing it, but it is reasonable to assume …
More
-
Q:
Who Is The Judgment Creditor?
A: A judgment creditor is the party in whose favor a money judgment was issued and is entitled to enforcement of the judgment through liens, execution and levy.
-
Q:
What Is A Wage Garnishment?
A: It is a form of execution and levy, a legal process of enforcing a money judgment by directing the employer of a judgment debtor to pay a portion (typically up to 25% …
More
-
Q:
How Are Money Judgments Enforced?
A: "Voluntary" Compliance Very often a judgment debtor will pay the money owed to a judgment creditor and thus satisfy the money judgment. If the judgment debtor …
More
Collections-Creditors Rights Sub-categories
