24 Hour Toll Free Help

Statement of Intention

Statement of Intention

The Statement of Intention will outline the debtor's intentions to either retain (through redemption) or surrender the property. The debtor must complete and file their Statement of Intention within 30 days from the date they filed their Chapter 7 Bankruptcy petition or by the date of the 341 Creditor's Meeting or the earlier of the two. Under some conditions the bankruptcy court may extend the deadline if cause exists.

The debtor has 45 days from the date of filing their Statement of Intention to perform the actions outlined in the form including reaffirming the debt or finishing payments for the secured property (under some conditions the bankruptcy court may extend this deadline (11 U.S.C. § 521(2)(B)). If neither of these actions is done, the bankruptcy court will lift the automatic stay on the property, and the creditors may proceed with their collection actions against the debtor. The Chapter 7 Bankruptcy trustee and the bankruptcy creditors must be provided a copy of the Statement of Intentions prior to the date or on the date the document is filed with the bankruptcy court. Amendments may be made prior to the expiration date outlined in (11 U.S.C. § 521(2)(B)). Talk to a bankruptcy lawyer immediately if you are filing Chapter 7 Bankruptcy.

More Help on Statement of Intention

  • 341 Meeting - The meeting of creditors, which is also commonly referred to as the 341 Meeting, allows the creditors, the trustee and the United States Trustee to question the debtor under oath. - read more

  • Secured Debt - Secured debt is any type of debt which is backed by collateral or something of value which can guarantee the secured lender that the amount of the loan can be repaid or the item of value can be repossessed to pay the loan. - read more

  • Trustee - The bankruptcy trustee program, created by the United States Department of Justice, manages and oversees the bankruptcy process to improve efficiency and guarantee the integrity of the bankruptcy system. - read more

Find Other Articles

Chapter 7 and Chapter 13 Bankruptcy Help

The two most common consumer bankruptcies are Chapter 7 and Chapter 13, our sponsoring lawyers handle these types exclusively so you can be sure you are getting accurate legal advice when you file bankruptcy. Our Bankruptcy attorneys will fight to protect your rights and your property, fight the aggressive and annoying creditors for you, and they can help you keep your home, vehicles and other property.

A lawyer will be committed to getting you debt relief and providing you with valuable information, services and advice to get you a better financial future. There are many convenient locations to make filing bankruptcy or learning about the alternatives we offer, even easier.

Get Help Now

Recent Bankruptcy Articles

  • Home Equity and Bankruptcy
    If you have equity on your house, then it is possible to use that equity in order to pay off your Chapter 13 bankruptcy at a much faster pace.
    - read more

  • Fair Credit Reporting Act
    The primary purpose of the Fair Credit Reporting Act is to ensure fairness and accuracy of credit reporting, and that the procedures followed are reasonable.
    - read more

  • Most Common Reasons for Bankruptcy
    A list of ten most common reasons people usually file for bankruptcy, including harassment from creditors and to end wage garnishments.
    - read more

  • Student Loans and Bankruptcy
    According to new changes, your student loan will only be discharged if the bankruptcy court is convinced that paying back the loan would bring about undue hardships for you or the people who are dependent on you.
    - read more