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Bankruptcy Terms to know: Statement of Intention

The statement of intention applies to the secure debts of a debtor going through a chapter 7. It is a declaration that describes the plans the debtor has for dealing with their debts. It answers the question: What do I do next? A debtor has three options to answer that question. They can reaffirm the debt, redeem the debt, or surrender the property to which the debt is tied.

This is a perfect example of how important it is to obtain a high quality attorney. An experienced attorney can help you understand how a statement of intention works and what is typically involved. There are many opportunities for mistakes with a statement of intention—like loss of property. If you have an attorney that understands bankruptcy properly, this situation can be quick and easy for you

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