Statement of Intentions

A Statement of Intentions is a legal document filed by a debtor in a Chapter 7 bankruptcy case to indicate their intentions with respect to secured debts, such as car loans or mortgages. The statement must be filed within 30 days after the filing of the bankruptcy petition and must include specific information about each secured debt, such as the creditor’s name, the amount of the debt, and the collateral. The debtor must indicate whether they intend to surrender the collateral, reaffirm the debt, or redeem the collateral by paying the creditor the fair market value. The Statement of Intentions is an important document that helps the bankruptcy trustee and creditors understand the debtor’s plans for their secured debts and can impact the debtor’s ability to keep certain assets in the bankruptcy case.