What Is The Statement Of Intention?

: Chris Lee Law Firm

  Filed under: Bankruptcy

mortgage, bankruptcy, attorney,There are many forms that will need to be filled out during a bankruptcy. One of these forms is going to be the statement of intention. What this does is outlines for the bankruptcy court as well as your creditors as to what your intentions are regarding some of your property and perhaps leases. In some cases it can also have an effect on how the automatic stay will be used for your bankruptcy.

On this form you are going to have to list all of your creditors who have secured claims against you. This is in reference to the secured property of your bankruptcy estate. If you have not included any property in your bankruptcy then this is not included in your statement of intention.

It is really important that you fill out this form accurately and error free, just as it is with any of the other paperwork that you will be utilizing in your bankruptcy. You must make sure that the information you’re providing is true and that you are not leaving anything out. Because these forms for bankruptcy can be so complex and confusing it really is important to use a qualified bankruptcy attorney to assist you through the entirety of your bankruptcy.

This way, things will flow much more smoothly for you and it will dramatically reduce the risk of your bankruptcy being less than successful. On this form there are check boxes that you will have to address that explains what you are going to do with the property. For example, it may be that you are going to surrender the property or you may be choosing to keep or retain it. In this case you will have to determine whether you are going to redeem or reaffirm the debt in order to allow you to do this.

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