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.
Michigan 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
A Chapter 7 bankruptcy wipes out mortgages, car loans, and other secured debts. But if you don't continue to pay as agreed, the lender will take back the home, car, or other collateralized property using the lender's lien rights.
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.
Personal Property Exemptions Up to $3,525 would be protected for household goods. This includes furniture, appliances & jewelry. Up to $600 in equity would be protected for computer accessories. There is no limit on the amount of clothing that you can keep.
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.
If you would like to file a Chapter 7 bankruptcy you must pass the Michigan means test. The test only applies to higher income filers which means that if your income is below the Michigan median for your household size you are exempt from the test and may file a Chapter 7.
What is the median income in Michigan? If you are the only person in your household, you can have an adjusted annual income of as much as $53,815 and still qualify for Chapter 7. Those in two-person households can have up to $67,015 in income, while three people in the family will increase the income limit to $80,465.
While no specific cash exemption is listed in the federal bankruptcy exemptions, a wildcard exemption allows you to protect up to $1,325 in any property and use up to $12,575 of any unused portion of a homestead exemption to protect money.
? income can vary month to month, and the means test finds the average. Your figure should include not only your wages, but also rental income, child support, alimony, pension or other regular monthly income. Social Security income does not count.