reaffirm - The debtor can chose
to waive the discharge as to a debt that is reaffirmed. Generally,
the parties to the reaffirmed debt
have the same rights and liabilities that each had prior to the bankruptcy filing
- the debtor is obligated to pay and the creditor can
sue or repossess if the debtor doesn't pay.
refinance - Paying off an existing loan with the proceeds from a new loan, usually of the same size, and using the same property as collateral.
relief from stay - A creditor can ask the
judge to lift the automatic stay and permit some action against
the debtor or the property of
the estate. If the motion is granted, the moving party (but no one else) is
free to take whatever action the court permits. Relief can
be absolute, for example, permitting the creditor to foreclose on property, or
limited, as for example, allowing the recordation of a
notice of default.
repossession - The taking back of property by a lender or seller from the borrower or buyer, usually due to default.
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