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.
Louisiana 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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There is a $338 court filing fee for a Chapter 7 bankruptcy. If you can't afford to pay this amount, you can ask the court for a fee waiver. But keep in mind that if your household income exceeds 150% of the federal poverty guidelines, you won't qualify for this waiver.
The U.S. bankruptcy code doesn't specify a minimum dollar amount someone must owe to make them eligible for a qualified filing. In short, any debt is enough debt. More important than the size of your debt is the size of your income. How much money you earn affects whether you qualify for Chapter 7.
The vast majority?as much as 99%?of people who file Chapter 7 bankruptcy have their debts completely discharged and are under no obligation to repay their creditors. Debts you might still have to repay can include: Spousal support. Child support.
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.
Louisiana's homestead exemption is designed to protect your home and land, and it's automatically included in the Chapter 7 process. In essence, this exemption will protect your home and land's equity up to $35,000.
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.
However, there are certain restrictions and limitations on what you can and cannot do after filing for Chapter 7 bankruptcy. Avoid Spending Outside Your Income Levels. ... You Cannot Neglect Your Alimony & Child Support Obligations After Chapter 7. ... You Cannot Ignore Student Loans. ... You Cannot Eliminate Most Tax Debt.
Business Use of Chapter 11 and Chapter 7 If the business is not profitable or worth keeping, Chapter 7 bankruptcy is a reasonable choice. If the business is profitable, Chapter 11 may be a good option.