A Statement of Intention is required to be filed in Chapter 7 cases. It is
not required in Chapter 13 cases. The Statement of Intention is a form
completed by the debtor that advises the court, the Trustee, and your creditors
what you intend to do with your secured collateral such as your home or car.
This document also applies to leases. It requires a the debtor to state (1)
whether the property will be surrendered or retained, (2) whether it will be
claimed as exempt, (3) whether the debtor intends to redeem the property, and
(4) whether the debtor intends to reaffirm the debt secured by the property.
It must be filed within thirty (30) days after the
debtor files a petition under Chapter 7 or on or before the 341(a) Meeting of
Creditors, whichever is earlier. The debtor must decide if he is (1) going to
reaffirm the debt and retain the collateral and continue paying for it, (2)
surrender the property, or (3) redeem the property. The statement must be
served on the trustee and each creditor named in the statement on or before the
date the statement is filed. Nothing in the rules prevent a debtor changing his
mind regarding his intention. The debtor may file an amended statement at any
time before the time period for performance of the intention expires.