Bronx New York Chapter 7 Individual Debtors Statement of Intention — Form — - Post 2005 is a legal document that outlines the intentions of an individual debtor who has filed for Chapter 7 bankruptcy in Bronx, New York, after the year 2005. This form is an essential part of the bankruptcy process and provides crucial information regarding how the debtor intends to handle their assets and debts. The Chapter 7 Individual Debtors Statement of Intention — Form — - Post 2005 has different variations based on the debtor's various intentions regarding their assets. These variations include: 1. Retention of Secured Debts: This section of the form details the debtor's decision to keep certain secured debts and continue making payments on them. By choosing this option, the debtor expresses their intention to retain ownership of particular assets such as a car or a house, by continuing to fulfill the financial obligations associated with these assets. 2. Surrender of Secured Debts: In this section, the debtor indicates their decision to surrender certain secured debts and return the associated assets to the creditors. Choosing this option allows the debtor to eliminate their responsibility for the debt while relinquishing ownership of items such as vehicles or real estate. 3. Redemption of Secured Debts: This portion of the form provides an opportunity for the debtor to redeem certain secured debts by paying the creditor the fair market value of the asset collateralizing the debt in a lump sum. This option is often useful when the fair market value of the asset is significantly lower than the outstanding debt, allowing the debtor to retain the asset by paying a reduced amount. 4. Lease Assumption: If the debtor has any active leases, such as a residential or commercial lease, they can indicate their intention to assume the lease and continue making the required payments. By opting for this choice, the debtor affirms their commitment to fulfilling their lease obligations despite the bankruptcy proceedings. 5. Lease Rejection: In contrast to lease assumption, this section allows the debtor to reject certain leases. By doing so, the debtor terminates their obligations to the lessor and seeks to alleviate any associated financial responsibilities. It is crucial for debtors in Bronx, New York, filing for Chapter 7 bankruptcy after 2005 to accurately complete the Chapter 7 Individual Debtors Statement of Intention — Form — - Post 2005. Failing to provide the necessary information or making incorrect declarations can have significant legal consequences. Therefore, it is advisable for debtors to seek professional guidance from bankruptcy attorneys to ensure compliance with the relevant laws and to make the best decisions in their unique financial situations.