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Statement of Intention for Individuals Filing Under Chapter 7

Statement of Intention for Individuals Filing Under Chapter 7

Name: Statement of Intention for Individuals Filing Under Chapter 7
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.67 (204 reviews)

Category:

Bankruptcy - Official - National - Individual Debtors

State:

Multi-State

Control #:

US-B-108

Format:

Instant download

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Description

Statement of Intention for Individuals Filing Under Chapter 7 A Statement of Intention for Individuals Filing Under Chapter 7 is a document filed with the bankruptcy court as part of a Chapter 7 bankruptcy case. It outlines the debtor's intentions with regard to certain secured debts, such as mortgages and car loans, and certain types of unsecured debts, such as medical bills. The statement contains information about the debtor's proposed plans for dealing with their creditors, including any intention to reaffirm, surrender, or redeem the debt. There are two types of Statements of Intention for Individuals Filing Under Chapter 7: a reaffirmation agreement and a redemption agreement. A reaffirmation agreement is an agreement between the debtor and creditor that the debtor will continue to make payments on the debt, while a redemption agreement is an agreement between the debtor and creditor that the debt will be paid off in full by a one-time lump sum payment.

A Statement of Intention for Individuals Filing Under Chapter 7 is a document filed with the bankruptcy court as part of a Chapter 7 bankruptcy case. It outlines the debtor's intentions with regard to certain secured debts, such as mortgages and car loans, and certain types of unsecured debts, such as medical bills. The statement contains information about the debtor's proposed plans for dealing with their creditors, including any intention to reaffirm, surrender, or redeem the debt. There are two types of Statements of Intention for Individuals Filing Under Chapter 7: a reaffirmation agreement and a redemption agreement. A reaffirmation agreement is an agreement between the debtor and creditor that the debtor will continue to make payments on the debt, while a redemption agreement is an agreement between the debtor and creditor that the debt will be paid off in full by a one-time lump sum payment.

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How to fill out Statement Of Intention For Individuals Filing Under Chapter 7?

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Key Takeaways. Types of debt that cannot be discharged in bankruptcy include alimony, child support, and certain unpaid taxes. Other types of debt that cannot be alleviated in bankruptcy include debts for willful and malicious injury to another person or property.

With Chapter 7 bankruptcies, if you want to add a creditor after you have already filed, you will need to notify your attorney as soon as possible. Only debts that are incurred before filing can be added to your Chapter 7 bankruptcy.

Asset and No-Asset Cases in Chapter 7 Any debt you fail to list in an asset case won't be discharged. If, however, yours is a no-asset Chapter 7 bankruptcy (there's no money to repay creditors), the debt still might be discharged.

To object to the debtor's discharge, a creditor must file a complaint in the bankruptcy court before the deadline set out in the notice. Filing a complaint starts a lawsuit referred to in bankruptcy as an "adversary proceeding."

The Statement of Intention for Individuals Filing Under Chapter 7 tells your creditor whether you plan to keep your lease, or if you're buying property, whether you want to surrender it, buy it from the creditor, or pursue other options for keeping it.

Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.

The presumption of abuse is intended to prevent people who can afford to pay off some of their debts from using the Chapter 7 bankruptcy process. A presumption of abuse exists if you fail to pass either part of the Chapter 7 means test and special circumstances or exceptions don't apply to your situation.

The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors;

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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.This is an Official Bankruptcy Form. The Statement of Intentions tells the bank which option you choose. You have not finished your Statement of Intentions. Put this form aside. -Send within 30 days of filing a copy of Statement of Intent to creditors you are surrendering property. Statement of Intention for Individuals Filing Under Chapter 7. In a Chapter 7 bankruptcy petition, debtors are required to complete what is called an Individual Debtor's Statement of Intention for all secured property. When filing a chapter 7 case, debtors must determine their choice of treatment related to property that acts as collateral for any of their debts.

Statement of Intention for Individuals Filing Under Chapter 7

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How to fill out Statement Of Intention For Individuals Filing Under Chapter 7?

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