The Hawaii Voluntary Petition — Form 1 is a legal document filed by individuals or entities who reside or operate in Hawaii and seek relief under the Bankruptcy Code. This petition is filed voluntarily by the debtor, indicating their desire to enter into bankruptcy proceedings to address their financial situation. By filing this form, the debtor initiates the bankruptcy process and provides essential details concerning their financial affairs. Keywords: Hawaii, Voluntary Petition, Form 1, bankruptcy proceedings, debtor, financial situation, legal document, relief, Bankruptcy Code Different types of Hawaii Voluntary Petition — Form 1 include: 1. Individual Voluntary Petition — Form 1: This form is used when an individual, such as a consumer or sole proprietor, wants to declare bankruptcy voluntarily. 2. Joint Voluntary Petition — Form 1: When a married couple, either jointly or as co-debtors, decides to enter bankruptcy together, they file a joint petition using this form. 3. Corporate Voluntary Petition — Form 1: This form is utilized by corporations, LCS, partnerships, or other business entities seeking bankruptcy protection under the Bankruptcy Code. 4. Non-Individual Voluntary Petition — Form 1: If an entity other than an individual or corporation, such as a municipality or non-profit organization, wishes to enter bankruptcy, they use this form. It is essential to note that the Hawaii Voluntary Petition — Form 1 should be filled out accurately and completely, providing all necessary financial information and supporting documentation. It starts the bankruptcy process and sets the stage for the subsequent steps involved in resolving the debtor's financial difficulties. Seek the guidance of a qualified bankruptcy attorney or legal professional familiar with Hawaii state laws to ensure proper and thorough completion of the Voluntary Petition — Form 1.
Hawaii Voluntary Petition - Form 1
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How to fill out Hawaii Voluntary Petition - Form 1?
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Hear this out loud PauseNot All Debts Are Discharged Certain debts will remain on your account when you file for Chapter 7 bankruptcy. You will still be responsible for alimony and child support. Tax liens, student loans, and personal injury debts caused by intoxicated drivers are still on the docket, as well.
Hear this out loud PauseMost consumer debt is dischargeable in bankruptcy. Chapter 7 bankruptcy wipes out medical bills, personal loans, credit card debt, and most other unsecured debt. Debt that is related to some kind of ?bad act? like causing someone injury or lying on a credit application can't be wiped out.
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.
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
That being said, here's what you're not allowed to do with a Chapter 7: Lie under oath about your financial or property assets. Keep property that must be used to discharge your debts. Miss payments to certain creditors in order to keep your home.
If you receive this notice, it means one of three things: The address you provided for the creditor in your bankruptcy paperwork was incorrect, The court sent you notice of your own bankruptcy via this form, or. Someone who owes you money filed bankruptcy.
Hear this out loud PauseIn many cases, Chapter 7 bankruptcy is a better fit than Chapter 13 bankruptcy. For instance, not only is Chapter 7 quicker, many people prefer the following two things as well: filers keep all or most of their property, and. filers don't pay creditors through a three- to five-year Chapter 13 repayment plan.