Wyoming Reaffirmation Documents are legally binding documents used to reaffirm a debt or other obligation between a debtor and a creditor. They are most commonly used in Chapter 7 bankruptcy proceedings, where the debtor is attempting to discharge a debt and the creditor is attempting to preserve their right to collect the debt at a later date. There are two main types of Wyoming Reaffirmation Documents: Reaffirmation Agreements and Reaffirmation Declarations. A Reaffirmation Agreement is a written contract between the debtor and the creditor that outlines the terms of the reaffirmation. It must be filed with the court and approved by the judge before it is legally binding. A Reaffirmation Declaration is a signed declaration by the debtor that confirms their intention to remain liable for the debt. It must also be filed with the court and approved by the judge before it is legally binding.
Wyoming Reaffirmation Documents
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How to fill out Wyoming 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.
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.
A reaffirmation agreement is an agreement by which a bankruptcy debtor becomes legally obligated to pay all or a portion of an otherwise dischargeable debt.
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).
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.
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 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.