When would a dismissal of a Chapter 7 petition be likely?

Usually a chapter 7 bankruptcy is dismissed if the client didn't tell the lawyer that they owned something valuable, like a car, house or business.

What is a statement of intention in Chapter 7?

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.

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Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post...

Santa Clara California Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005

Name: Santa Clara California Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005
Brand: US Legal Forms
Rating: 4.6 (433 reviews)

Category:

Bankruptcy - Chapter 7

State:

Multi-State

County:

Santa Clara

Control #:

US-BKR-F8

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Instant download

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Description

This form is an individual debtor's statement of intention. The document lists: a description of the property; the creditor's name; and property to be retained. The form also contains a certification of a non-attorney bankruptcy petition preparer.

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How to fill out Santa Clara California Chapter 7 Individual Debtors Statement Of Intention - Form 8 - Post 2005?

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Usually a chapter 7 bankruptcy is dismissed if the client didn't tell the lawyer that they owned something valuable, like a car, house or business.

A Chapter 7 bankruptcy will generally discharge your unsecured debts, such as credit card debt, medical bills and unsecured personal loans. The court will discharge these debts at the end of the process, generally about four to six months after you start.

Filing for Chapter 7 bankruptcy eliminates credit card debt, medical bills and unsecured loans; however, there are some debts that cannot be discharged. Those debts include child support, spousal support obligations, student loans, judgments for damages resulting from drunk driving accidents, and most unpaid taxes.

For businesses. When a troubled business is unable to pay its creditors, it may file (or be forced by its creditors to file) for bankruptcy in a federal court under Chapter 7. A Chapter 7 filing means that the business ceases operations unless those operations are continued by the Chapter 7 trustee.

Use this form to tell the court about any Social Security or federal Individual Taxpayer Identification numbers you have used. Do not file this form as part of the public case file. This form must be submitted separately and must not be included in the court's public electronic records.

Finally, you can state that you intend to retain the property which means you simply remain current on your payments or the creditor can repossess it.

A chapter 7 case begins with the debtor filing a petition with the bankruptcy court serving the area where the individual lives or where the business debtor is organized or has its principal place of business or principal assets.

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.

Retain and Redeem: You pay the creditor what the property is worth during the bankruptcy case, usually in one payment. The payment is the replacement value of the property. If your property is upside down, you owe more than it is worth. Redeeming is a good way to get rid of debt.

Assuming that everything goes according to schedule, you can expect to receive your bankruptcy discharge (the court order that wipes out your debts) about 60 days after your 341 meeting of creditors hearing, plus a few days for mailing.

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Santa Clara California Chapter 7 Individual Debtors Statement of Intention - Form 8 - Post 2005

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