Sacramento Bankruptcy: What is the Statement of Intent and Why is it Important?

One requirement for a Chapter 7 bankruptcy is the filing of a Statement of Intent.  The Statement of Intent explains to the court and your creditors the plans you have for your secured debts.  Remember, a secured debt is defined as debt where creditors can legally repossess your secured property as collateral.  Car payments and mortgage payments are the most common such loans.

The Statement of Intent must be filed within 30 days of the first creditors meeting.  Additionally, secured debt must be either paid off or reaffirmed within 45 days.  Reaffirming your debt means choosing to complete payment after filing bankruptcy.

Secured debts which are neither paid or reaffirmed within 45 days lose the automatic stay to the property.  An automatic stay is defined as a federal court order which stops any collection proceedings against you.  The stay forces creditors to stop their foreclosure, stop any lawsuits, and stop garnishing your wages.  Sagaria Law’s Sacramento attorneys are sophisticated attorneys who specialize in bankruptcies, and look forward to discussing this with you.

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