This form is a statement of financial affairs. This statement must be completed by every debtor. Some of the categories which must be completed by each debtor are: income from employment or operation of business; payments to creditors; and assignments and receiverships.
Minnesota Statement of Financial Affairs - Form 7
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How to fill out Statement Of Financial Affairs - Form 7?
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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.
Statement of Financial Af·?fairs. : a written statement filed by a debtor in bankruptcy that contains information regarding especially financial records, location of any accounts, prior bankruptcy, and recent or current debt. called also statement of affairs.
The Means Test will reveal how much disposable income you have to repay debt. Chapter 13 Trustees use the Means Test to help determine how much your unsecured creditors receive through the bankruptcy. A Supreme Court ruling in 2010 made it clear that the Means Test is only a starting point.
In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state, and the debtor cannot pass the means test, the court will presume the debtor is attempting to abuse the bankruptcy code, and that the debtor has enough money for a Chapter 13 bankruptcy plan.
Income is calculated by looking at the debtor's income for the six-months prior to filing. A debtor who previously had a higher income but has been laid off in the last year, for example, would be able to rely on their most recent income to satisfy the Means Test.
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.
MINNESOTA STATE EXEMPTIONS: Equity in the Homestead ? $450,000.00, up to 160 acres ($1,125,000.00 if agricultural use) Personal effects and household goods ? $11,250.00. Equity in one motor vehicle ? $5,000.00 (up to $50,000.00 if modified to accommodate a person with a disability)
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.