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In the Chapter 7 process, the Statement of Intention is a written statement that outlines your intentions to keep or surrender your secured property, such as a home or car.
Typically drafted by your bankruptcy attorney, this must be filed without 30 days of filing your bankruptcy petition or before the creditors’ meeting, whichever comes first.
The statement must advise as to whether you intend to keep secured assets or surrender them to your creditors.
After the statement is filed, you have 45 days to act on the plans set forth in your statement and either surrender the property or make payment.
A Chapter 7 bankruptcy lawyer will be able to answer more questions about the Statement of Intention and the other parts of the Chapter 7 bankruptcy process.
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What is Included in a Chapter 7 Statement of Intention?
The Statement of Intention typically covers property tied to secured debts. This may include:
- Your home, if it is mortgaged
- Your car, if you have a loan or lease
- Any furniture or appliances with a dedicated loan
- Any other property that could be repossessed (i.e., not items paid on credit card)
In addition, the Statement of Intention must include any bankruptcy exemptions that will apply to your property and other assets.
For more information, simply fill out the above free bankruptcy case review form and connect with a Chapter 7 bankruptcy lawyer for free.
A bankruptcy attorney can explain the Chapter 7 bankruptcy process and help you determine if it’s right for you.
Take the first step and fill out the form today.
Note: The above summary is not legal advice. Chapter 7 bankruptcy laws may have changed since our last update. For the latest information on Chapter 7 bankruptcy laws, speak to a local Chapter 7 bankruptcy lawyer in your state.