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Statement Of Information Required By 11 USC Section 341 - Alabama
| Statement Of Information Required By 11 USC Section 341 Form. This is a Alabama form and can be used in Northern District Bankruptcy Court Federal . |
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STATEMENT OF INFORMATION REQUIRED BY 11 U.S.C. 341 INTR ODUCT ION Pursuant to the Ba nkruptcy Reform Act of 1994, the O ffice of the United States Bankrup tcyAdministrator has prepared this information shee t to help you un derstand some of the p ossible con sequences of filing a bankruptcy petition under ch apter 7 o f the Bankrup tcy Code. This information is i ntende d to make you awa re o f - (1) the p oten tial cons equ enc es o f see king a discha rge ln ban kruptcy, including the effects on credit history; (2) the effect of receiving a discharg e of deb ts ln bankruptcy; (3) the ef fect of reaf firming a debt; and (4) your ab ility to file a pe tition un der a d ifferent chapter of the Ba nkruptcy Code. There are m any other provi sions of t he Bankr uptcy Code that may affect your situation. This stat ement contai ns onl y general principles of law and is not a substitute for legal advice. If you have an yquesti ons or need f urther informat ion as to how t he ban kruptcy laws apply to you r sp ec ific cas e, you s houldconsult with your l awyer. WHAT IS A DISCHAR GE? The filing o f a chapter 7 petition is designed to result in a discharg e of most of the de bts youlisted in your ban kruptcy sched ules. A discharge is a court order that says that you do not hav e to repa y your debts, but t here are a number of exceptions. Debts which usually m ay not be discharged in your chapter 7 case include, for example, most taxes, child sup port, alimony, and stu dent l oans; c ourt- ordered f ines and rest itution; debts o btai ned through fraud or d eception; deb ts which were n ot listed in your b ankrup tcy schedules; and perso na l injury deb ts c au se d by driving while intoxica ted or ta king drugs. Your discharge maybe denied entirely if you, for example, destroy or conceal property; destroy, conceal or falsify records; or makea false oath. Credi tors cannot ask you to repay debts wh ich hav e been discharged. You can onl y recei ve a chapter 7 discharge o nce eve ry six (6) years. WHAT ARE THE PO TENTIAL EFFECTS OF A DISCHARG E? The fact that you filed bankrup tcy can app ear on your cred it report for as long as 10 ye ars.Thus, filing a bankrupt cy petition may a ffect yo ur a bility to obtain cred it in the future. Also , you may n ot be<<<<<<<<<********>>>>>>>>>>>>> 2excused from repaying debts that were not list ed on you r bankruptcy schedu les or that you incurre d after youfiled ba nkruptcy. There a re excep tions to this general statement. See yo ur lawyer if you have questions.WH AT ARE TH E EFFECTS OF R EAFFIRMIN G A D EBT? After you file your bankruptcy petition, a credi tor m ay ask you to r eaff irm a cer tain debt or youmay se ek to do so on you r own. Re af firming a deb t mean s th at you s ign an d file with the cour t a lega lly en force ab le document which s tates that you promise to repa y all or a portion of the deb t that may otherwise have been di scharged in your bankr uptcy cas e. Reaffirmation agreements must generally be filed with the court sixty (60) days after the first meeting of creditors. Rea ffirmat ion agr eem ents are strictly volun ta ry. They are not required by the Bankruptcy Codeor other state or federal law. You can voluntarily repay any de bt instead of signi ng a reaffirmation agreemen t,but there may be valid reasons for wanting to reaffirm a pa rticular d ebt. Th is is particu larly true whe n prope rtyyou wish to reta in is collatera l for a debt. Re affirmation agreements must not impose an undue burde n on you or y our dependent s and must be in your bes t intere st. If you d ecide to sign a re affirmation agr eem ent, yo u ma y can cel it at any timebefore the court issues an order of discharge or within sixty (60) da ys a fter you filed the r ea ffirmat ion agreementwith the court, whichever is l ater. If you reaf firm a debt and fai l to mak e the payments as required in the reaffirmation a gre eme nt,the creditor can take act ion agai nst y ou to rec over any propert y that was gi ven as s ec urity for the loan and youmay remai n personal ly liable f or any deficiency. In addi tion, cr edit ors may seek ot her rem edies , suc h as gar nishme nt of wage s. OTHER B ANKRUPT CY OPTI ONS You have a choi ce i n deci ding what chap ter of the Bankruptcy Code will best suit your need s. E ven if you have already filed for relief under cha pter 7, you may be eligible to convert your case to a different chapter. Chapter 7 is the l iquidati on chapter of the Ba nkru ptcy C od e. Unde r chap ter 7 , a tru ste e isappoint ed to collect a nd se ll, if economical ly feasi ble, all property you ow n that is not exempt from these actions. Chapter 11 is the reor ganiz at ion chapter most commonly used b y businesses, bu t it is alsoavai lable to individual s. Cr edit ors vot e on whether to accept or reject a plan, which also must be approved by the court. While the deb tor normally remains in control of the assets, the cou rt can or der the appointment ofa trustee to take p ossession an d control of the bu siness. 2 <<<<<<<<<********>>>>>>>>>>>>> 3 Chapter 12 offers ba nkruptcy relief to those who qu alify as famil y farmers. Fami ly farmersmust propose a plan to repay their cred itors ov er a thre e-to -five ye ar p eriod and it must be app rove d by thecou rt. Plan payment s are m ade throu gh a chapt er 12 tr ustee, who also monitors the debt ors farm ing operati ons duri ng the pendenc y of the plan. Finally, chapter 13 generally permits individuals to keep their property by repaying creditors out of their future income. Each cha pter 13 d ebtor writes a plan w hich must be ap proved by the ba nkruptcy cou rt. The debtors must pay the chapter 13 trus tee the amou nt set forth in their plan. Debtors rece ive adis charge after they complete their c hapter 13 repayment plan. Chapter 13 is only ava ilable to individuals w ithregular income whose debts do not exceed $1,000, 000 ($250, 000 in u nsecured debts a nd $750,000 in secured debts). AGAIN, PLEASE SPEAK TO YOU R LAW YER IF YOU NEED FURTHER INF ORMATI ON OR EXPLANATION, INCL UDING HOW THE BANKRUPTCY L AWS REL ATE TO YOUR SPECIFIC CASE. By signing bel ow, I /we ack nowledge that I/we have received a copy of this document, and thatI/we have h ad an oppo rtunity to discuss the information in this document with an attorne y of my/our choice.Date : Debtor Joi nt Debt or Attorney for Deb tor(s) 3
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