This form is an individual debtor's statement of intention. The document lists: a description of the property; the creditor's name; and property to be retained. The form also contains a certification of a non-attorney bankruptcy petition preparer.
California Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005
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How to fill out Chapter 7 Individual Debtors Statement Of Intention - Form 8 - Post 2005?
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FAQ
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.
Filing for Chapter 7 bankruptcy will wipe out your mortgage obligation. Still, if you aren't willing to pay the mortgage, you'll have to give up the home because your lender's right to foreclose doesn't go away when you file for Chapter 7.
Disadvantages to a Chapter 7 Bankruptcy: If you want to keep a secured asset, such as a car or home, and it is not completely covered by your bankruptcy exemptions then Chapter 7 is not an option. The automatic stay created by filing Chapter 7 Bankruptcy only serves as a temporary defense against foreclosure.
Types of debt that cannot be discharged in bankruptcy include alimony, child support, and certain unpaid taxes. Other types of debt that cannot be alleviated in bankruptcy include debts for willful and malicious injury to another person or property.
In a chapter 7 case, however, a discharge is only available to individual debtors, not to partnerships or corporations. 11 U.S.C. § 727(a)(1). Although an individual chapter 7 case usually results in a discharge of debts, the right to a discharge is not absolute, and some types of debts are not discharged.
It's true that even if a debtor is completely honest in their Chapter 7 bankruptcy filing, their case can still be dismissed for technical reasons. The 1% of Chapter 7 bankruptcy cases that are dismissed are typically due to technicalities.
The most common types of nondischargeable debts are certain types of tax claims, debts not set forth by the debtor on the lists and schedules the debtor must file with the court, debts for spousal or child support or alimony, debts for willful and malicious injuries to person or property, debts to governmental units ...