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Wyoming Statement of Exemption from Presumption of Abuse Under...

Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2)

Name: Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2)
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.76 (207 reviews)

Category:

Wyoming Federal - Official - District Court - General

State:

Wyoming

Control #:

WY-BKR-122A-1S

Format:

Instant download

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Description

Statement of Exemption from Presumption of Abuse Under 707(b)(2) The Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2) is a legal document that can be used by debtors in the state of Wyoming to protect their assets from creditors in a Chapter 7 bankruptcy case. The statement allows a debtor to declare their assets exempt from the presumption of abuse, which is a legal concept that requires debtors to prove that their assets were not acquired through fraud or deception in order to keep them from creditors. The statement is an alternative to filing a bankruptcy petition and can be used to protect the debtor’s assets without filing for bankruptcy. There are two types of Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2): the “Statutory Exemption” and the “Equitable Exemption.” The Statutory Exemption is used to protect assets up to a certain amount, while the Equitable Exemption is used to protect assets beyond the Statutory Exemption limits. In either case, the debtor must prove that the assets were not acquired through fraud or deception in order to be exempt from the presumption of abuse.

The Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2) is a legal document that can be used by debtors in the state of Wyoming to protect their assets from creditors in a Chapter 7 bankruptcy case. The statement allows a debtor to declare their assets exempt from the presumption of abuse, which is a legal concept that requires debtors to prove that their assets were not acquired through fraud or deception in order to keep them from creditors. The statement is an alternative to filing a bankruptcy petition and can be used to protect the debtor’s assets without filing for bankruptcy. There are two types of Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2): the “Statutory Exemption” and the “Equitable Exemption.” The Statutory Exemption is used to protect assets up to a certain amount, while the Equitable Exemption is used to protect assets beyond the Statutory Exemption limits. In either case, the debtor must prove that the assets were not acquired through fraud or deception in order to be exempt from the presumption of abuse.

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FAQ

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.

The debtor may rebut a presumption of abuse only by a showing of special circumstances that justify additional expenses or adjustments of current monthly income. Debtors should also be aware that out-of-court agreements with creditors or debt counseling services may provide an alternative to a bankruptcy filing.

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.

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.

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.

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.

A finding of "presumption of abuse" alerts the bankruptcy court to the fact that a debtor filing a Chapter 7 case has sufficient income to pay into a Chapter 13 repayment plan. (By definition, a Chapter 7 debtor's income is too low to repay creditors.)

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Official Form 122A─1Supp. Statement of Exemption from Presumption of Abuse Under §707(b)(2) This is an Official Bankruptcy Form.According to Debtors' initial calculations, the presumption of abuse under 11 U.S.C. § 707(b)(2) does not arise as a result of the means test calculation. Military service, complete and file Statement of Exemption from Presumption of Abuse Under § 707(b)(2) (Official Form. 122A-1Supp) with this form. Chapter 31: Statement of Exemption from Presumption of Abuse Under §707(b)(2)… Bankruptcy Basics for Low-Income Clients 2016. Once complete, the means test reveals the debtor's disposable income. Abuse Under § 707(b)(2) (Official Form 122A-1Supp) with this form. Abuse Under § 707(b)(2) (Official Form 122A-1Supp) with this form. 27 Official Bankruptcy Form 121A1Supp, Statement of Exemption from Presumption of Abuse.

Wyoming Statement of Exemption from Presumption of Abuse Under 707(b)(2)

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