Wisconsin Reaffirmation Documents refer to documents that are used to reaffirm or reestablish an existing debt that is a secured loan in which the borrower has pledged collateral. These documents are commonly used when a loan has gone into default or foreclosure. These documents typically contain information on the loan, including the amount, interest rate, payment schedule and any additional terms and conditions. There are two types of Wisconsin Reaffirmation Documents: voluntary and involuntary. Voluntary documents are used when a borrower voluntarily reaffirms a loan and assumes responsibility for the debt. Involuntary documents are used when a borrower is ordered to reaffirm a loan by a court. These documents must be signed by both the borrower and the lender.
Wisconsin Reaffirmation Documents
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How to fill out Wisconsin Reaffirmation Documents?
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FAQ
To ensure that creditors do not defraud their debtors, reaffirmation agreements must be: In writing; Filed with the court; and. Certified by the debtor's attorney.
A reaffirmation agreement is a legally-binding document that establishes the legal obligations of a borrower to repay some or all of it during bankruptcy.
If you want to request a reaffirmation agreement, you must agree after filing for bankruptcy but before any collateral is discharged to the lender. An agreement is filed by submitting a Statement of Intent to the court. Then, you must also send the Statement of Intent to the lender.
For example, if a replacement used car costs $5,000 at a 5% interest rate and the reaffirmation agreement would require the debtor to pay $6,000 at a 5% interest rate or $5,000 at a 6% interest rate, then the debtor should not enter into the reaffirmation agreement.
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).
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.
Reaffirming a mortgage debt requires a comprehensive multi-page reaffirmation agreement that must be filed with the court. The reaffirmation agreement also requires the debtor's bankruptcy attorney to indicate that he or she has read the agreement and that it does not impose any undue hardship on the client.