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.

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