Within 30 days of filing your petition for Chapter 7 Bankruptcy relief your bankruptcy attorney must file your Statement of Intentions with the court. If your Meeting of Creditors is scheduled earlier than 30 days after your case is filed then you must file the Statement of Intentions before that meeting.

The Statement of Intentions applies to all real or personal property you own that serves as collateral for a debt.

For each piece of property you must state:

1. whether you will surrender the property or keep the property;
2. whether you will redeem the property;
3. whether you will reaffirm the debt secured by the property; and
4. whether the property will be claimed as exempt.

If you are not sure how to answer these important questions then speak with a Woodlands Bankruptcy Attorney today about representing you through the bankruptcy process to protect your rights and property.

Follow-Through

You are generally required to follow-through on your intention for each piece of property within 30 days after the first date scheduled for the Meeting of Creditors. If you intend to surrender the property that means being prepared to turn the property over. If you intend to redeem the property that means having the funds necessary to perform the redemption. If you intend to reaffirm the debt that means having a reaffirmation agreement in place with the creditor.

Related posts:

1. Your Duties in Chapter 7 Bankruptcy – Part 5
2. Your Duties in Chapter 7 Bankruptcy – Part 6