Debtor's Statement of Intention
During times of serious financial difficulty, people may be afraid of severe repercussions for delinquent payments on their debts. Persons in distress may worry about losing important items and assets like their vehicles and even their homes for non-payment of important debts. Although bankruptcy may seem like a very drastic option for some individuals, it may be the best way for some people to save their homes from foreclosure.
When filing for Chapter 7 bankruptcy, applicants may be instructed to fill out an “individual debtor's statement of intention”, which outlines which assets will be relinquished in bankruptcy and which ones the person intends to retain. If you are considering filing for bankruptcy and would like to know more about the statement of intention, contact the Austin bankruptcy attorneys of Slater, Kennon & Jameson, LLP at 512-338-1100.
Statement of Intention
The rules regarding the statement of intention usually include:
- The statement must outline the debtor's intentions regarding the surrender or retention of property
- The statement should be filed with the bankruptcy court clerk within 30 days of filing for Chapter 7 bankruptcy
- The statement should be filed prior to the Section 341 meeting (the first meeting of creditors)
- Property should be listed separately on the forms and described in detail
- It is essential for the debtor to sign the statement of intention
Contact Us
For assistance with your Chapter 7 bankruptcy case, contact the Austin bankruptcy lawyers of Slater, Kennon & Jameson, LLP at 512-338-1100.