Roseville Bankruptcy: Debtor Statement of Intention

Chapter 7 bankruptcy filings require a Statement of Intent from the debtor.  The Statement of Intent requires you to disclose how you plan to deal with secured creditors.  Remember, secured debt is where the item you purchase can be legally repossessed or foreclosed as collateral, including mortgages or car payments.
The Statement of Intent must be filed within 30 days of your initial creditor meeting.  Secured property must be either paid off or reaffirmed within 45 days.  Remember, reaffirming your debt means that you will continue paying on the original terms of the loan even after bankruptcy.

Failure to reaffirm or payoff debts will result in a lapse in the automatic stay on those creditor’s collection efforts.  Automatic stays are court orders stopping collection proceedings against you.  Automatic stays force creditors to stop foreclosure, garnishment, and lawsuits; so, loss of this benefit is a substantial punishment, and the Statement of Intent is a critical requirement.  Call Sagaria Law in Roseville to learn more about the bankruptcy process and what it offers you.

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