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Simple English definitions for legal terms
statement of intention
Read a random definition: payable-on-death designation
A quick definition of statement of intention:
Statement of Intention: A statement filed by someone who is declaring bankruptcy, in which they explain whether they plan to keep or give up property that they owe money on, and whether they are claiming that property as exempt. This statement must be filed before the first meeting with creditors or within 30 days of filing for bankruptcy.
A more thorough explanation:
A statement of intention is a preliminary statement filed by a debtor in a Chapter 7 bankruptcy case. It outlines whether the debtor plans to keep or surrender property secured by consumer debt and whether the property is claimed as exempt.
For example, if a debtor has a car loan and wants to keep the car, they would state their intention to retain the property and continue making payments on the loan. If they do not want to keep the car, they would state their intention to surrender the property to the creditor.
The statement of intention must be filed before the first creditors' meeting or within 30 days from the petition-filing date, whichever is earlier.