A Statement of Exemption from Presumption of Abuse Under Sec.707(b)(2) is a document used by a debtor in a bankruptcy case to provide evidence that the debtor's financial situation does not qualify under the bankruptcy code as an "abuse" of the bankruptcy system. This document is often used by debtors who have more than one bankruptcy filing in a short time period, or whose financial circumstances do not match the criteria of an abuse of the bankruptcy system. There are two types of Statement of Exemption from Presumption of Abuse Under Sec.707(b)(2): the Affidavit of Exemption and the Financial Statement of Exemption. The Affidavit of Exemption is a sworn statement that provides evidence that the debtor's financial situation does not meet the criteria for abuse. The Financial Statement of Exemption is a detailed financial report that outlines a debtor's assets, liabilities, income, and expenses. This document helps the court determine if a debtor's financial circumstances qualify for an exemption from the presumption of abuse.
Statement of Exemption from Presumption of Abuse Under Sec.707(b)(2)
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How to fill out Statement Of Exemption From Presumption Of Abuse Under Sec.707(b)(2)?
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FAQ
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.
An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.
The presumption of abuse does not arise. Or The presumption of abuse arises. Or Insufficient information has been filed to date to permit the clerk to make any determination concerning the presumption of abuse. If more complete information, when filed, shows that the presumption has arisen, creditors will be notified.
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.
Under 11 U.S.C. §707(b)(3) of the BAPCPA, dismissal is warranted based upon ?abuse,? including in cases where the totality of the circumstances indicates the debtor has the ability to repay a substantial portion of his or her unsecured debt. That a chapter 7 case may be dismissed for ?abuse? under 11 U.S.C.
11 U.S.C. Section 707(b)(2)(A)(I) requires the Court to presume that a debtor's chapter 7 filing is abusive ?if the debtor's current monthly income reduced by amounts determined under clauses (i), (ii), (iii), and (iv) of 11 U.S.C.
Rebutting the Presumption of Abuse By failing the Chapter 7 means test a debtor is presumed to be making too much money and attempting to perpetrate a fraud upon the bankruptcy court. However, a debtor's bankruptcy attorney may be able to help the debtor ?rebut? this presumption.