Bankruptcy filings require paperwork, which you'll complete and submit to the court. The list of required documents varies by jurisdiction, but one commonly included form is a Statement of Intention. This form is required if you have secured debts or leases that haven't expired.

At the Craig Black Law Firm, bankruptcy paperwork is my specialty. If you're considering filing Chapter 7 paperwork, get in touch with me at 678-888-1778 or through this confidential online form to discuss how I can help.

What Is a Statement of Intention?

Chapter 7 bankruptcy, also known as liquidation, helps debtors get out from under crushing debt. Under Chapter 7, your assets will be seized and sold, aside from some assets deemed as exempt. But chances are, you won't want to forfeit all your assets, particularly your vehicles and your home.

Two types of assets require a special form called a Statement of Intention. By completing this form, you're letting the court know whether you intend to keep these assets. They are:

·        Security property: When you take out a loan for a car or home, the asset itself serves as collateral, known as secured property. With the Statement of Intention, you can let the court know whether you want to keep these items. If the court okays it, as long as you keep making payments, your secured assets won't be seized.

·        Unexpired leases: Do you live in a rental? If so, you'll likely want the court to allow the lease to remain in place. The Statement of Intention lists all unexpired leases and lets you request to retain those leases.

How Statements of Intention Work

If you hope to hold on to an unexpired lease or secured piece of property, you'll need to file the Statement of Intention form with the court within 30 days of your bankruptcy filing. You'll also have to submit a copy of the form to every creditor you list.

You have four choices with each asset you list on the form:

·        Surrender the property: If you no longer want to keep the property and make payments on it, you'll need to choose this option.

·        Retain the property and redeem it: If you owe more on the asset than it's worth, you can choose to pay the full value to the creditor rather than continuing to make payments on it.

·        Retain the property and enter into a reaffirmation agreement: This option has you keeping the asset but entering into a new contract with the creditor where you agree to continue repaying the debt.

·        Retain the property and (explain): With this option, you propose another agreement that allows you to retain the property.

How the Craig Black Law Firm Can Help

The Craig Black Law Firm specializes in Chapter 7 bankruptcy filings. I can help you both complete and file the paperwork with the courts, advising you on how to list each asset.

If you need help with your bankruptcy filing, get in touch with me at 678-888-1778 or provide some information through my online form, and I'll be in touch to review your options.