The Vermont Statement of Exemption from Presumption of Abuse Under Sec.707(b)(2) is a document used to protect spouses, partners, and adults in a relationship from being unfairly accused of family abuse. It is a legal document that is signed by both parties in a relationship in order to avoid the presumption of family abuse under the federal law. This document can be used to protect individuals from being charged with family abuse, even if they are in a situation that is potentially dangerous. There are two types of Vermont Statement of Exemption from Presumption of Abuse Under Sec.707(b)(2): a General Statement of Exemption, and a Limited Statement of Exemption. The General Statement of Exemption can be used when both parties in the relationship understand and accept the risk of potential abuse. The Limited Statement of Exemption can be used when one party in the relationship is not willing to accept the risk of potential abuse, but still wants to protect themselves from being unfairly accused of family abuse.
Vermont Statement of Exemption from Presumption of Abuse Under Sec.707(b)(2)
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FAQ
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.
The means test is calculated by comparing the debtor's average income for the past six months (current monthly income), annualized, to the median income for households of the same size in the debtor's state of residence.
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.
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.
11 U.S.C. 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.
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.