The Wisconsin Motion For Approval of Reaffirmation Agreement is a document used in Chapter 7 bankruptcy proceedings in Wisconsin. It is a motion that is filed with the bankruptcy court to have a debtor's reaffirmation agreement approved and enforced. A reaffirmation agreement is an agreement between a debtor and a creditor, in which the debtor agrees to continue to pay a debt that would otherwise be discharged in a Chapter 7 bankruptcy. The Wisconsin Motion For Approval of Reaffirmation Agreement must contain all the required information and be signed by both the debtor and the creditor before the court will consider it. It must also include a certificate of counsel for the debtor, verifying that the debtor has received advice regarding the agreement. There are two types of Wisconsin Motion For Approval of Reaffirmation Agreement: an individual motion and a joint motion, which is filed when two or more debtors are signing the agreement.
Wisconsin Motion For Approval of Reaffirmation Agreement
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How to fill out Wisconsin Motion For Approval Of Reaffirmation Agreement?
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FAQ
A reaffirmed debt remains your personal legal obligation to pay. Your reaffirmed debt is not discharged in your bankruptcy case. That means that if you default on your reaffirmed debt after your bankruptcy case is over, your creditor may be able to take your property or your wages.
If the reaffirmation agreement is not filed with the bankruptcy court prior to the discharge date, it may be ineffective and the bankruptcy court can deny approval of the reaffirmation agreement altogether.
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.
Reaffirmation agreements are voluntary, so you're not required to sign one. It's unnecessary to have one if you want to voluntarily repay a debt instead of including it in your bankruptcy.
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.
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.
If the reaffirmation agreement is not filed with the bankruptcy court prior to the discharge date, it may be ineffective and the bankruptcy court can deny approval of the reaffirmation agreement altogether. It is totally voluntary that a debtor and creditor sign a reaffirmation agreement.
If you choose not to reaffirm, your lender will not report any of your home payments to the credit agencies. This is because your account no longer legally exists because you did not reaffirm, and there is, essentially, nothing to report. This can make it challenging to repair your credit post-bankruptcy.