A Statement of Intention for Individuals Filing Under Chapter 7 is a document filed with the bankruptcy court as part of a Chapter 7 bankruptcy case. It outlines the debtor's intentions with regard to certain secured debts, such as mortgages and car loans, and certain types of unsecured debts, such as medical bills. The statement contains information about the debtor's proposed plans for dealing with their creditors, including any intention to reaffirm, surrender, or redeem the debt. There are two types of Statements of Intention for Individuals Filing Under Chapter 7: a reaffirmation agreement and a redemption agreement. A reaffirmation agreement is an agreement between the debtor and creditor that the debtor will continue to make payments on the debt, while a redemption agreement is an agreement between the debtor and creditor that the debt will be paid off in full by a one-time lump sum payment.
A Statement of Intention for Individuals Filing Under Chapter 7 is a document filed with the bankruptcy court as part of a Chapter 7 bankruptcy case. It outlines the debtor's intentions with regard to certain secured debts, such as mortgages and car loans, and certain types of unsecured debts, such as medical bills. The statement contains information about the debtor's proposed plans for dealing with their creditors, including any intention to reaffirm, surrender, or redeem the debt. There are two types of Statements of Intention for Individuals Filing Under Chapter 7: a reaffirmation agreement and a redemption agreement. A reaffirmation agreement is an agreement between the debtor and creditor that the debtor will continue to make payments on the debt, while a redemption agreement is an agreement between the debtor and creditor that the debt will be paid off in full by a one-time lump sum payment.
