The New York Chapter 7 Individual Debtors Statement of Intention (12/1/15) is a document that is used by individuals filing for Chapter 7 bankruptcy in the state of New York. It is a declaration of an individual's intention regarding how they intend to handle their debts. The statement of intention covers three areas: Secured Debts, Unsecured Debts, and Lease/Rental Agreements. For Secured Debts, the debtor can choose to surrender the collateral (property) securing the debt, or reaffirm the debt and keep the collateral. For Unsecured Debts, the debtor can choose to surrender the collateral securing the debt, or pay off the debt in full or in part. For Lease/Rental Agreements, the debtor can choose to surrender the property, or assume the lease and pay the rent. There are three types of New York Chapter 7 Individual Debtors Statements of Intention (12/1/15): a Statement of Intention to Surrender Collateral, a Statement of Intention to Reaffirm a Debt, and a Statement of Intention to Assume a Lease or Rental Agreement.
New York Chapter 7 Individual Debtors Statement of Intention (12/1/15)
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FAQ
They don't get mad when they get your bankruptcy filing and they don't cry when they get your bankruptcy filing. Instead, they process the bankruptcy notice along with the thousands of others they get each year without an ounce of emotion about it.
The main cons to Chapter 7 bankruptcy are that most unsecured debts won't be erased, you may lose nonexempt property, and your credit score will likely take a temporary hit. While a successful bankruptcy filing can give you a fresh start, it's important to do your research before deciding what's right for you.
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.
An individual receives a discharge for most of his or her debts in a chapter 7 bankruptcy case. A creditor may no longer initiate or continue any legal or other action against the debtor to collect a discharged debt. But not all of an individual's debts are discharged in chapter 7.
Chapter 7 bankruptcy erases or "discharges" credit card balances, medical bills, past-due rent payments, payday loans, overdue cellphone and utility bills, car loan balances, and even home mortgages in as little as four months.
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.
Cons of Filing Chapter 7 Bankruptcy A bankruptcy stays on your credit report for up to 10 years.You can only file bankruptcy once every eight years.You are only allowed a certain number of exceptions.The legal process can be daunting and some find it embarrassing.Secured debts are dis-chargeable.