- Instructor: Attorney Bob Schaller
- Lectures: 5
Statement of Intention.
Every Chapter 7 debtor must file a statement of intention with respect to the retention or surrender of property securing a creditor’s interest. 11 U.S.C. § 521(a)(2). For any encumbered asset debtor intends to retain, the debtor must state whether the debtor intends to reaffirm the debt or redeem the property. 11 U.S.C. § 521(a)(2). Probably the most common encumbered asset is a vehicle, which secures the vehicle lender’s claim with a consensual lien against the debtor’s vehicle. Although not referenced in § 521(a)(2), the Statement of Intent requires the debtor to identify all leased personal property whose lease term did not expired prepetition.
Like the schedules, Bankruptcy Rules 1007 and 9009 requires a debtor to use a specific national form prescribed by the Judicial Conference of the United States when indicating the debtor’s statement of intent. Bankruptcy Rule 1007(b)(2) & Rule 9009(a). These rules are strictly enforced. The statement’s form may not be changed as to affect wording or the order of presenting information. Id.
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Intro and Official Form and Instruction Booklet
Part 1, Statement of Intent
Part 2, Statement of Intent
Part 3, Statement of Intent
Tax LawThis course explains the importance of the Statement of Intent and provides a line-by-line analysis of the statement.