The Vermont Statement of Intention for Individuals Filing Under Chapter 7 is a document used in bankruptcy proceedings that outlines the debtor’s intention regarding secured debts. It contains information on how the debtor plans to handle their secured debt obligations, such as whether they will surrender the collateral, reaffirm the debt, or redeem the collateral. The Statement of Intention also includes information on the debtor’s proposed payment plan and the debtor’s intention regarding unsecured debts. There are two types of Vermont Statement of Intention for Individuals Filing Under Chapter 7: Statement of Intention for Secured Creditors and Statement of Intention for Unsecured Creditors. The Statement of Intention for Secured Creditors outlines the debtor’s plan for dealing with secured debts, including whether they will surrender the collateral, reaffirm the debt, or redeem the collateral. The Statement of Intention for Unsecured Creditors outlines the debtor’s plan for dealing with unsecured debts, such as whether the debtor will pay the debt in full or enter into a repayment agreement.
Vermont Statement of Intention for Individuals Filing Under Chapter 7
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How to fill out Vermont 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.
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.
If your income is more than the median, you must then overcome the presumption of abuse by passing the means test or proving to the court that special circumstances exist such that your case should not be dismissed or not be converted to a Chapter 13 bankruptcy.
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.
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.
§ 707(b)(2)(B)(I). However, because the presumption of abuse is broadly determined by subtracting expenses from income and then looking at the result, any change that either increases expenses or decreases monthly income can effectively show the debtor should not be presumed to be abusing the system.
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.
What Is a Reaffirmation Agreement? Reaffirmation agreements are a special feature of Chapter 7 bankruptcy. They give your creditors a chance to get you back on the hook for debt you would have otherwise discharged in the bankruptcy by allowing you to reaffirm, or re-sign, liability for a specific debt.