Chapter 7 Statement of Intention Preview, Official Bankruptcy Form 108 скачать в хорошем качестве

Chapter 7 Statement of Intention Preview, Official Bankruptcy Form 108

Every Chapter 7 debtor must file a statement of intent with respect to the retention or surrender of leased personal property and property securing a creditor’s interest. A debtor’s statement of intent is officially titled Official Form 108, Statement of Intention for Individuals Filing Under Chapter 7. The Statement of Intent requires the debtor to identify all secured property and all leased personal property whose lease term did not expire before the bankruptcy case was filed. Once identified, the debtor must disclose the debtor’s intention as to that property. For any encumbered asset (like a vehicle securing a vehicle loan), the debtor must disclose the intent to surrender or retain the asset securing the debt. If the debtor intends to retain, the debtor must state whether the debtor intends to reaffirm the debt or redeem the property. As to unexpired leased property, the debtor must disclose the intention to assume or reject the lease. The Bankruptcy Code requires the debtor to state the debtor’s intentions about such claims and provides for early termination of the automatic stay as to personal property if the statement is not timely filed. The same early termination of the automatic stay applies to any unexpired lease of personal property unless the debtor states that the debtor intends to assume the unexpired lease if the trustee does not do so. The creditors and lessors identified in the Statement of Intent must match those creditors and lessors identified in other bankruptcy schedules. Similarly, the assets listed in the Statement of Intent must also match the assets identified in other bankruptcy schedules. To help fill out the Statement of Intent, use the information the debtor has already provided on the following forms: Schedule D: Creditors Who Have Claims Secured by Property, Schedule C: The Property You Claim as Exempt, and Schedule G: Executory Contracts and Unexpired Leases. Again, the debtor must explain what the debtor intends to do with property that is collateral for a claim. If the debtor has property that is collateral (or security) for a claim, the debtor must state what the debtor intends to do with that property. The debtor may choose either to surrender the property to the creditor or retain the property. The debtor may surrender the property to the creditor. If the debtor surrenders the property to the creditor, the bankruptcy discharge will protect the debtor from any claim for the difference between what the debtor owes the creditor and what the creditor receives from a sale of the property, unless the court determines that the debt is nondischargeable. The debtor may want to retain the property. If the debtor wants to retain the secured personal property, the debtor may be able to reaffirm the debt, redeem the property, or take other action. The debtor may be able to reaffirm the debt. the debtor may decide to remain legally obligated to pay a debt so that the debtor can keep the property securing the debt. This is called reaffirming a debt. the debtor may reaffirm the debt in full on its original terms or the debtor and the creditor may agree to change the terms. For example, if the debtor wants to keep a car, the debtor may reaffirm a car loan, stating that the debtor will continue to make monthly payments for it. Only reaffirm those debts that the debtor is confident can repay. The debtor may seek to reaffirm the debt by signing a Reaffirmation Agreement, which is a contract between the debtor and a creditor, and the debtor follows the proper procedure for the Reaffirmation Agreement. The debtor may be able to redeem the property. The debtor can redeem property only if all of the following apply: first, the property secures a debt that is a consumer debt; second, the property is tangible personal property ─ the property is physical, such as furniture, appliances, and cars; and third, the debtor is claiming the property as exempt or the trustee has abandoned it. The debtor pays the creditor the value of the property or the amount of the claim, whichever is less. The payment must be a single lump sum payment. Now let’s talk about leased personal property. The debtor must explain what the debtor intends to do with the leased personal property. If the debtor leases personal property such as your car, the debtor may be able to continue the lease if the trustee does not assume the lease. To continue the lease, the debtor can write to the lessor that the debtor wants to assume the lease. The creditor may, at its option, notify the debtor that it is willing to have the debtor assume the lease and may condition the assumption on cure of any outstanding default. If the lessor notifies the debtor that it is willing to have the debtor assume the lease, the debtor must write to the lessor within 30 days stating that the debtor assumes the lease.