A Wyoming Motion For Approval of Reaffirmation Agreement, also known as a reaffirmation motion, is a legal document filed in the state of Wyoming in bankruptcy court. This motion allows a debtor to reaffirm a debt obligation after a bankruptcy case has been filed. By signing this motion, the debtor agrees to continue paying the debt despite the bankruptcy filing. The motion must be approved by the court before it is legally binding. There are two types of Wyoming Motion For Approval of Reaffirmation Agreement: voluntary and involuntary. A voluntary motion is submitted by the debtor and is usually approved if the court finds that the debtor will be able to make the payments. An involuntary motion is submitted by the creditor and is approved if the court finds that the debt is valid and has not been discharged in the bankruptcy case.
Wyoming Motion For Approval of Reaffirmation Agreement
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How to fill out Wyoming Motion For Approval Of Reaffirmation Agreement?
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FAQ
1) The Creditor Gives You a Better Deal One reason to sign a reaffirmation agreement would be because the creditor agrees to sweeten the pot and make it worthwhile for you to re-up on the secured debt. This could be done through a reduced interest rate or a reduction in the principal balance owed.
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 a debtor signs a reaffirmation agreement, the debtor agrees to pay a debt that otherwise might be discharged in his or her bankruptcy case. There may be other ways to renegotiate payments with creditors without entering into a reaffirmation agreement.
Reaffirming a debt informs the lender that you intend to continue to pay the loan. Generally, the lender will continue to report the loan and all payments made on that loan to the credit reporting agencies, which may help improve your credit score after bankruptcy, provided timely payments are made on the loan.
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.
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.
You can get a reaffirmation letter by contacting your student loan servicer. This often happens after you receive a notification from your school's financial aid office that you're ineligible for federal student loans because you borrowed too much money.
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.