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.
Virginia 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
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.
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.
There is no minimum debt to file bankruptcy, so the amount does not matter. Examples of unsecured debts include credit card debt, cash advance (payday) loans, and medical bills.
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.
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.
What Will Happen to My Home and Car If I File Bankruptcy in Virginia? In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt.
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.
The good news is that if you ? or the attorney you hire ? gets the paperwork right and the case moves through the court to the point where debt discharge is determined, the U.S. Bankruptcy Courts says that 99% of Chapter 7 cases succeed.
Some of the most common Virginia Bankruptcy exemptions include: Homestead/Primary Residence: Each debtor can protection up to $25,000.00 of equity in their primary residence or a property where his/her dependent resides. A married couple that own a property together can exemption $25,000.00 each in the property.