The Wisconsin Statement of Intention for Individuals Filing Under Chapter 7 is a document filed with the court by individuals who are filing for bankruptcy under Chapter 7 of the United States Bankruptcy Code. This document outlines the individual's intentions regarding secured debts, such as mortgages and car loans, and unsecured debts, such as credit card debt. It also outlines the individual's intentions regarding any assets that may be subject to liquidation by the bankruptcy trustee. There are two types of Wisconsin Statement of Intention for Individuals Filing Under Chapter 7: a Statement of Intention to Reinstate the Secured Debt and a Statement of Intention to Surrender the Secured Property. The Statement of Intention to Reinstate the Secured Debt outlines the individual's intention to pay the full amount of the secured debt over the life of the debt. The Statement of Intention to Surrender the Secured Property outlines the individual's intention to surrender the property to the creditor rather than continue to make payments.
Wisconsin Statement of Intention for Individuals Filing Under Chapter 7
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How to fill out Wisconsin Statement Of Intention For Individuals Filing Under Chapter 7?
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FAQ
To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."
The presumption of abuse is intended to prevent people who can afford to pay off some of their debts from using the Chapter 7 bankruptcy process. A presumption of abuse exists if you fail to pass either part of the Chapter 7 means test and special circumstances or exceptions don't apply to your situation.
A reaffirmation agreement is an agreement between a chapter 7 debtor and a creditor that the debtor will pay all or a portion of the money owed, even though the debtor has filed bankruptcy. In return, the creditor promises that, as long as payments are made, the creditor will not repossess or take back its collateral.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.
Creditors frequently do not automatically generate reaffirmation agreements. Sometimes creditors may not even file a reaffirmation agreement even after you have signed and returned the agreement to them.
You or your creditor must file with the court the original of this Reaffirmation Documents packet and a completed Reaffirmation Agreement Cover Sheet (Official Bankruptcy Form 27).
By the Court not approving the Reaffirmation Agreement, you will still receive a Discharge to the underlying debt! You merely continue to make the regular payments and the creditor is unable to repossess the collateral as there is no basis for repossession? just like if the Reaffirmation Agreement was approved.