Statement of Intention

Definition

Also known as Official Form 108 Statement of Intention for Individuals Filing Under Chapter 7, this is an official court form required in Chapter 7 bankruptcy cases where the debtor owes a secured debt or has an unexpired lease.

Learn more about "Statement of Intention"

On this form, you tell the court what you want to do with property that is securing a debt you owe, like a vehicle. You state your intention to either (a) surrender the property, which often erases the debt attached to it, (b) keep the property and repay the associated debt, or (c) redeem the property by paying its fair market value.

Continue reading and learning!

6 Things You Should Know About the Statement of Intentions
By the Upsolve Team

How to Amend your Statement of Intentions
By the Upsolve Team

What Is Secured Debt?
By the Upsolve Team

What Is a Reaffirmation Agreement and How Do You Use One?
By the Upsolve Team

Upsolve is a 501(c)(3) nonprofit that started in 2016. Our mission is to help low-income families resolve their debt and fix their credit using free software tools. Our team includes debt experts and engineers who care deeply about making the financial system accessible to everyone. We have world-class funders that include the U.S. government, former Google CEO Eric Schmidt, and leading foundations.

To learn more, read why we started Upsolve in 2016, our reviews from past users, and our press coverage from places like the New York Times and Wall Street Journal.