The Virginia Statement of Financial Affairs — Form 7 is a crucial document used in bankruptcy cases. It provides a detailed snapshot of an individual's or entity's financial affairs, including income, assets, and liabilities. This form is an essential component of the bankruptcy filing process, as it helps the bankruptcy court assess the financial standing of the filer and determine the best course of action. Key elements included in the Virginia Statement of Financial Affairs — Form 7 are: 1. Personal and Contact Information: This section requires the filer to provide their full name, address, contact details, and social security number or tax identification number. 2. Employment Information: The form asks for detailed information about the filer's employment, including their current employer's name and address, occupation, and length of employment. 3. Income Sources: Here, the filer is required to list all sources of income, whether it be wages, salaries, commissions, rental income, or pension payments. Detailed information about the frequency and amount of income must be provided. 4. Household Expenses: This section covers the filer's monthly household expenses, such as rent/mortgage payments, utilities, food expenses, transportation costs, medical expenses, insurance premiums, and any child support or alimony payments. 5. Property Ownership: The Virginia Statement of Financial Affairs — Form 7 asks the filer to disclose all real estate or other property they own, including their current value, any outstanding mortgages or liens, and information about any recent transfers or sales of property. 6. Personal Property: Here, the filer should list their personal assets, such as vehicles, bank accounts, stocks, bonds, retirement accounts, jewelry, furniture, and any other valuable items owned. Any recent transfers or sales of assets should also be disclosed. 7. Debts and Creditors: This section requires the filer to list all outstanding debts, including credit card balances, loans, tax debts, and any legal judgments. Information about each creditor, including their contact details, the purpose of the debt, and the amount owed, should be provided. Different types of Virginia Statement of Financial Affairs — Form 7 might exist, depending on the specific bankruptcy proceedings. For example, there may be separate forms for individual bankruptcy, business bankruptcy, or other specialized bankruptcy types. It is important for individuals or entities going through the bankruptcy process in Virginia to use the correct form that aligns with their circumstances to ensure accurate and relevant information is provided to the bankruptcy court.
Virginia Statement of Financial Affairs - Form 7
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How to fill out Statement Of Financial Affairs - Form 7?
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If you want to keep a secured asset, such as a car or home, and it is not completely covered by your Virginia bankruptcy exemptions then Chapter 7 is not an option. If facing foreclosure on your home, the automatic stay created by your Chapter 7 filing only serves as a temporary defense against foreclosure.
In Chapter 7 bankruptcy, the filing fee is $338. You may be able to get the court to waive the fee if your current income is below 150% of the poverty guidelines. (See Virginia's Fee Waiver Eligibility table below.) When you file your documents, the court clerk will require you to pay the fee.
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; ...
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.
An Application for Waiver of the Chapter 7 Filing Fee for Individuals Who Cannot Pay The Filing Fee in Full or In Installments (Official Form 103B), must be filed with the petition. The form is available on the Court's web site, at , under Rules & Forms >> Forms.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Form 7, the Statement of Financial Affairs, contains a series of questions which direct the debtor to answer by furnishing information. If the answer to a question is "None," or the question is not applicable, an affirmative statement to that effect is required.