Wisconsin Order on Reaffirmation Agreement (Alt.) is a form used in the state of Wisconsin, which is signed by a debtor in a bankruptcy case to reaffirm a debt that would otherwise be discharged. This order is also referred to as a “reaffirmation agreement” and is an agreement between the debtor and the creditor to keep the obligation to pay the debt alive, even after the bankruptcy case is closed. There are two types of Wisconsin Order on Reaffirmation Agreement (Alt.): voluntary and involuntary. A voluntary agreement is one that is entered into by the debtor voluntarily and is typically used to keep a secured debt, such as a car loan or mortgage, active in order to maintain ownership of the collateral. An involuntary agreement is one that is signed under court order after the creditor has made a motion to reaffirm the debt and the court has determined that the debtor should be held responsible for it. Both types of agreements must be approved by the court before they become legally binding.
Wisconsin Order on Reaffirmation Agreement (Alt.)
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How to fill out Wisconsin Order On Reaffirmation Agreement (Alt.)?
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FAQ
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.
A reaffirmation agreement is a new contract with the lender that says you'll be responsible for the debt on your car and the lien will stay in place, even though your other debts are being discharged in bankruptcy. Most lenders will require a reaffirmation agreement if you want to keep your car.
No creditor can make you reaffirm a debt. This is because a reaffirmation goes against the most basic upside of filing bankruptcy: the fresh start. You cannot be sent to collections, sued, or garnished on a debt that was discharged in bankruptcy.
Secured debts like mortgages are still debts and therefore can be discharged through bankruptcy. But, the only way to keep the item securing the debt is to continue to pay for them. Reaffirmation agreements for mortgages are possible, but not necessary. They are, however, always subject to court approval.
WHAT IS IT? A debtor may wish to pay a debt in order to keep an asset, even though that debt would otherwise be discharged in bankruptcy. For example, a debtor may wish to keep a vehicle. As a promise to pay that debt, a debtor must enter into a Reaffirmation Agreement with the creditor.
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.
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.
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.