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.
North Carolina 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
Ultimately, if you can reasonably pay the taxes you owe as a result of your business closing after discharging all or most of your other obligations (including maybe some of the taxes), then Chapter 7 may well make more sense. Otherwise, you will probably need to file a Chapter 13 bankruptcy.
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.
While it may feel odd to pay fees to tell the courts you don't have enough money, you typically have to pay court fees to file for bankruptcy. The filing fee for a Chapter 7 bankruptcy is $338, while the filing fee for a Chapter 13 bankruptcy is $313.
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.
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.
You Don't Get to Keep Assets If You Fail The idea of keeping your home and car and personal belongings is an attractive part of Chapter 13. But if the case fails or is dismissed, protection for those assets disappears.
Disadvantages to a Chapter 7 Bankruptcy: If you want to keep a secured asset, such as a car or home, and it is not completely covered by your bankruptcy exemptions then Chapter 7 is not an option. The automatic stay created by filing Chapter 7 Bankruptcy only serves as a temporary defense against foreclosure.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.