A bankrupt individual is required by law to eventually repay all of his or her debts to creditors.

Question

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The bankruptcy court must hold a hearing when a reaffirmation is intended, informing the debtor that reaffirmation is optional-not required-and of the legal consequences of reactivating a debt. It is also up to the court to approve such reaffirmations. State laws, in most cases, provide that no new consideration need be provided in support of reaffirmation.

A Bankrupt Individual Is Required by Law to Eventually Repay