Indiana Statement of Exemption from Presumption of Abuse Under 707(b)(2) is a legal document that is used by creditors and/or debtors to protect an individual from being presumed to have committed abuse in a bankruptcy case. This document is used to declare that the individual is not subject to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAP CPA) and is therefore not subject to the presumption of abuse that the BAP CPA established. There are two types of Indiana Statements of Exemption from Presumption of Abuse Under 707(b)(2): one is for debtors and the other is for creditors. The debtor's statement is used to declare that the debtor is not subject to the presumption of abuse that the BAP CPA established. The creditor's statement is used to declare that the creditor is not subject to the presumption of abuse that the BAP CPA established. Both of these statements must be signed and notarized before they are considered valid.
Indiana Statement of Exemption from Presumption of Abuse Under 707(b)(2)
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FAQ
Rebutting the Presumption of Abuse By failing the Chapter 7 means test a debtor is presumed to be making too much money and attempting to perpetrate a fraud upon the bankruptcy court. However, a debtor's bankruptcy attorney may be able to help the debtor ?rebut? this presumption.
A finding of "presumption of abuse" alerts the bankruptcy court to the fact that a debtor filing a Chapter 7 case has sufficient income to pay into a Chapter 13 repayment plan. (By definition, a Chapter 7 debtor's income is too low to repay creditors.)
The presumption of abuse does not arise. Or The presumption of abuse arises. Or Insufficient information has been filed to date to permit the clerk to make any determination concerning the presumption of abuse. If more complete information, when filed, shows that the presumption has arisen, creditors will be notified.
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.
Under 11 U.S.C. §707(b)(3) of the BAPCPA, dismissal is warranted based upon ?abuse,? including in cases where the totality of the circumstances indicates the debtor has the ability to repay a substantial portion of his or her unsecured debt. That a chapter 7 case may be dismissed for ?abuse? under 11 U.S.C.
