Consumers filing bankruptcy do have the option of seeking to reaffirm debts. Under the reaffirmation process, a consumer-debtor promises to pay the creditor a certain amount in exchange for keeping the property. If the debtor adheres to his or her promises, he or she gets to keep the property. Federal bankruptcy law requires creditors to post the following statements on a reaffirmation agreement:

• “Reaffirming a debt is a serious financial decision. The law requires you to take certain steps to make sure the decision is in your best interest. If these steps are not completed, the reaffirmation agreement is not effective, even though you have signed it.”

• “You may rescind (cancel) your reaffirmation agreement at any time before the bankruptcy court enters a discharge order, or before the expiration of the 60- day period that begins on the date your reaffirmation is filed with the court, whichever occurs later.”