The New York Chapter 7 Individual Debtors Statement of Intention, also known as Form 8, is a legal document that plays a crucial role in the bankruptcy process for individuals in New York State. Form 8 is required to be filed after 2005, when the Bankruptcy Abuse Prevention and Consumer Protection Act (BAP CPA) was enacted. This official form serves as a declaration of intentions by an individual debtor who has filed for Chapter 7 bankruptcy. It outlines how the debtor intends to handle their secured debts and personal property. By submitting this form, debtors can provide necessary information regarding their intentions and help guide the bankruptcy trustee and creditors in understanding their financial situation. There are a few different types or sections within the New York Chapter 7 Individual Debtors Statement of Intention — Form — - Post 2005, focusing on various aspects of the bankruptcy process: 1. Section 1: Secured Claims Intention: This section allows debtors to declare their intentions regarding any property for which they have granted a creditor a security interest. Debtors need to specify whether they plan to surrender the collateral, redeem it, or reaffirm the debt to keep the property. 2. Section 2: Personal Property Claimed as Exempt: In this section, debtors outline the personal property they claim as exempt from the bankruptcy estate. Exempt property is protected from being liquidated to repay creditors and varies based on state and federal laws. Debtors have the opportunity to detail the types of exempt property they possess. 3. Section 3: Lease and Executory Contracts: This section requires debtors to state whether they want to assume or reject unexpired leases or executory contracts. Debtors can decide whether to continue with the lease or contract obligations or terminate them. It is essential for individuals filing for bankruptcy in New York under Chapter 7 to accurately complete and file the New York Chapter 7 Individual Debtors Statement of Intention — Form — - Post 2005. Failure to file this form or providing incorrect information may have negative consequences in the bankruptcy proceedings. Consulting with an experienced bankruptcy attorney can greatly assist debtors in understanding the implications of Form 8 and ensuring its accurate completion. It is crucial to enlist professional legal advice to navigate the complex bankruptcy process effectively. Keywords: New York Chapter 7, Individual Debtors, Statement of Intention, Form 8, Post 2005, secured debts, personal property, bankruptcy process, bankruptcy trustee, creditors, Bankruptcy Abuse Prevention and Consumer Protection Act, BAP CPA, surrender collateral, redeem, reaffirm debt, exempt property, unexpired leases, executory contracts, bankruptcy attorney.
New York Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005
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How to fill out New York Chapter 7 Individual Debtors Statement Of Intention - Form 8 - Post 2005?
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FAQ
If you file for Chapter 7 bankruptcy, you cannot get rid of second mortgages, home equity lines of credit (HELOCs), or home equity loans. Filers in the Eleventh Circuit Court of Appeals, are no longer able to strip off (remove) these types of liens in Chapter 7 bankruptcy.
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.
Whether the trustee can take money you receive after filing your case depends on whether you were entitled to the money at the time your case was filed and how it was listed on your forms, if at all.
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.
Essentially, you need to have three things: (1) moderate to low income, (2) significant amount of debt and (3) no substantial property. In order to qualify for Chapter 7 personal bankruptcy, you must have moderate to low income as set forth in the Bankruptcy Code.
Debts not discharged include debts for alimony and child support, certain taxes, debts for certain educational benefit overpayments or loans made or guaranteed by a governmental unit, debts for willful and malicious injury by the debtor to another entity or to the property of another entity, debts for death or personal ...
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.
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.