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The Statement of Intention in Chapter 7

Michael Agruss

Written and Reviewed by Michael Agruss

  • Managing Partner and Personal Injury Lawyer at Mike Agruss Law.
  • Over 20 years of experience in Personal Injury.
  • Over 8000+ consumer rights cases settled.
  • Graduated from the University of Illinois Chicago School of Law: Juris Doctor, 2004.

When you file for Chapter 7 bankruptcy, you will need to file a written “Statement of Intention,” which outlines your secured property (such as your home or car), what you will keep, and what you’ll be giving up to creditors. This statement will be drafted by your attorney and must be filed either within 30 days of your bankruptcy petition being filed or before your creditors’ meeting, whichever is sooner. After it is filed, you will have 45 days to make payments and surrender property.Your Statement of Intention will outline your secured debts, such as:

  • Your car (if you have a lease or loan)
  • Your home (if you have a mortgage)
  • Appliances or furniture for which there is a “dedicated loan”
  • Other property which was not paid by credit card and can be repossessed

Your statement will also include any bankruptcy-exemptions which may apply to your assets or property.If you’re struggling with debt and considering filing for bankruptcy, you are not alone. Contact an experienced bankruptcy attorney today for a free consultation.

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