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Arizona Statement of Intention for Individuals Filing Under Chapter 7

Arizona Statement of Intention for Individuals Filing Under Chapter 7

Name: Arizona Statement of Intention for Individuals Filing Under Chapter 7
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.66 (248 reviews)

Category:

Arizona Bankruptcy - Federal - Official - District Court

State:

Arizona

Control #:

AZ-DC-139

Format:

Instant download

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Description

Statement of Intention for Individuals Filing Under Chapter 7 The Arizona Statement of Intention for Individuals Filing Under Chapter 7 is a document that is filed with the bankruptcy court by debtors and is part of the bankruptcy petition. The Statement of Intention is used to inform a court of the debtor's intentions with regard to secured debts. In Arizona, the Statement of Intention must be filed within 30 days of filing the bankruptcy petition. The Statement of Intention outlines the debtor's intentions with regard to secured debts such as mortgages and car loans. The debtor must state whether they wish to surrender, redeem, reaffirm, or continue with payments on the secured debt. The Statement of Intention must also include a description of the property subject to the secured debt. There are two types of Arizona Statements of Intention for Individuals Filing Under Chapter 7: the Statement of Intention for Secured Claims and the Statement of Intention for Unsecured Claims. The Statement of Intention for Secured Claims outlines the debtor's intentions with regard to secured debts, such as mortgages and car loans. The Statement of Intention for Unsecured Claims outlines the debtor's intentions with regard to unsecured debts, such as credit card debt and medical bills.

The Arizona Statement of Intention for Individuals Filing Under Chapter 7 is a document that is filed with the bankruptcy court by debtors and is part of the bankruptcy petition. The Statement of Intention is used to inform a court of the debtor's intentions with regard to secured debts. In Arizona, the Statement of Intention must be filed within 30 days of filing the bankruptcy petition. The Statement of Intention outlines the debtor's intentions with regard to secured debts such as mortgages and car loans. The debtor must state whether they wish to surrender, redeem, reaffirm, or continue with payments on the secured debt. The Statement of Intention must also include a description of the property subject to the secured debt. There are two types of Arizona Statements of Intention for Individuals Filing Under Chapter 7: the Statement of Intention for Secured Claims and the Statement of Intention for Unsecured Claims. The Statement of Intention for Secured Claims outlines the debtor's intentions with regard to secured debts, such as mortgages and car loans. The Statement of Intention for Unsecured Claims outlines the debtor's intentions with regard to unsecured debts, such as credit card debt and medical bills.

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How to fill out Arizona Statement Of Intention For Individuals Filing Under Chapter 7?

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To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."

The presumption of abuse is intended to prevent people who can afford to pay off some of their debts from using the Chapter 7 bankruptcy process. A presumption of abuse exists if you fail to pass either part of the Chapter 7 means test and special circumstances or exceptions don't apply to your situation.

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.

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).

What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.

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.

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 your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

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When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property—such as your car, boat, or home—or let it go back to the creditor.This is an Official Bankruptcy Form. The Statement of Intentions tells the bank which option you choose. You have not finished your Statement of Intentions. Put this form aside. -Send within 30 days of filing a copy of Statement of Intent to creditors you are surrendering property. Statement of Intention for Individuals Filing Under Chapter 7. In a Chapter 7 bankruptcy petition, debtors are required to complete what is called an Individual Debtor's Statement of Intention for all secured property. When filing a chapter 7 case, debtors must determine their choice of treatment related to property that acts as collateral for any of their debts.

Arizona Statement of Intention for Individuals Filing Under Chapter 7

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How to fill out Arizona Statement Of Intention For Individuals Filing Under Chapter 7?

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How do I object to a discharge of Chapter 7?

What is a statement of presumed abuse Chapter 7?

Can a creditor refuse to reaffirm?

Who files a reaffirmation agreement?

What is a reaffirmation agreement in a Chapter 7?

What happens if creditor refuses reaffirmation agreement?

What is the purpose of a reaffirmation agreement?

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