A Wyoming Reaffirmation Agreement is a legally binding document that allows an individual to reaffirm their debt obligations after filing for bankruptcy. This document is typically used when someone has filed for Chapter 7 bankruptcy, which liquidates all the debtor's assets in order to pay creditors. Through the Wyoming Reaffirmation Agreement, the debtor can agree to pay back certain debts, such as mortgage loans, auto loans, or other secured debts, even though the debt would otherwise be discharged through the bankruptcy process. There are two types of Wyoming Reaffirmation Agreements: a full reaffirmation agreement and a partial reaffirmation agreement. A full reaffirmation agreement requires the debtor to pay back the full amount of the debt, while a partial reaffirmation agreement allows the debtor to pay back only a portion of the debt. The Wyoming Reaffirmation Agreement must be signed by both parties, and approved by the bankruptcy court, in order for it to be legally binding.
Wyoming Reaffirmation Agreement
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How to fill out Wyoming Reaffirmation Agreement?
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FAQ
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.
A reaffirmation agreement is where you agree to pay a debt even though you could have eliminated the debt in your bankruptcy case. When you reaffirm a debt, you continue to be legally responsible for paying it back. This gives the creditor some legal rights.
If a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case.
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.
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 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.
If you reaffirm a debt and then fail to pay it, you owe the debt the same as though there was no bankruptcy. The debt will not be discharged, and the creditor can take action to recover any property on which it has a lien or mortgage. The creditor can also take legal action to recover a judgment against you.
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.