Statement of Intention

Definition of "Statement of Intention"
  1. A written declaration provided by a debtor before a meeting with creditors in a Chapter 7 bankruptcy case, detailing which assets they plan to give up and keep
How to use "Statement of Intention" in a sentence
  1. Before the upcoming meeting, the debtor prepared his Statement of Intention to outline which assets will be kept and which will be surrendered.
  2. The Chapter 7 bankruptcy case could not proceed until the debtor filed the Statement of Intention to declare his asset plans.
  3. The Statement of Intention clarified for all parties involved in the bankruptcy case what property the debtor intends to surrender.

Provide Feedback
Browse Our Legal Dictionary
# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z