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.
Maine Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005
Instant download
This website is not affiliated with any governmental entity
Public form
Description
How to fill out Chapter 7 Individual Debtors Statement Of Intention - Form 8 - Post 2005?
Discovering the right authorized file format can be quite a have difficulties. Naturally, there are a lot of layouts available online, but how can you obtain the authorized form you need? Make use of the US Legal Forms web site. The assistance provides a large number of layouts, including the Maine Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005, that can be used for enterprise and private requires. Every one of the kinds are examined by pros and meet up with state and federal needs.
When you are presently authorized, log in in your account and click the Obtain option to have the Maine Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005. Use your account to look from the authorized kinds you may have purchased formerly. Go to the My Forms tab of the account and get one more backup of your file you need.
When you are a new customer of US Legal Forms, allow me to share simple guidelines so that you can follow:
- Very first, be sure you have chosen the proper form to your metropolis/area. You may look through the form utilizing the Review option and read the form description to guarantee this is basically the best for you.
- If the form is not going to meet up with your preferences, use the Seach discipline to obtain the right form.
- Once you are sure that the form is acceptable, select the Buy now option to have the form.
- Select the pricing prepare you desire and type in the essential details. Make your account and pay for an order making use of your PayPal account or credit card.
- Choose the submit formatting and download the authorized file format in your device.
- Comprehensive, modify and produce and sign the acquired Maine Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005.
US Legal Forms will be the biggest local library of authorized kinds that you can see numerous file layouts. Make use of the company to download expertly-produced papers that follow condition needs.
Form popularity
FAQ
Chapter 7 is a ?liquidation? bankruptcy that doesn't require a repayment plan but does require you to sell some assets to pay creditors. Chapter 11 is a ?reorganization? bankruptcy for businesses that allows them to maintain day-to-day operations while creating a plan to repay creditors.
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.
If your company owes a current employee wages when it files for Chapter 11, then the employee's paychecks should not be interrupted. The company will ask the court's permission to keep paying its employees as long as it stays in business.
The federal government, as well as 42 states, have a homestead exemption that allows a person filing for bankruptcy to protect a certain amount of equity in a home. The federal exemption, which changes every three years, is $25,150 until April 2022. State exemptions may be higher or lower.
Chapter 7 is your better bet if you are hopelessly awash in debt from credit cards, medical bills, personal loans, and/or car loans and your income simply cannot keep up. As noted above, you're most likely going to get to keep most of your assets while erasing your unsecured debt.
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.
Form 7, the Statement of Financial Affairs, contains a series of questions which direct the debtor to answer by furnishing information. If the answer to a question is "None," or the question is not applicable, an affirmative statement to that effect is required.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.