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An assumption is a voluntary act or agreement to take on obligations,
or continue performing obligations under a contract, lease or other
agreement. In bankruptcy cases, debtors may assume continued obligation
for payments of debts that are secured by collateral. This particular
assumption requires a reaffirmation agreement in Chapter 7 cases, signed
by the debtor, with court approval. An assignment may include any
transfer of debts, whether voluntary, involuntary, or by operation of
law as in the case of liability assigned by statute for violations of
law.
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