Browse terms
Secured debts and liens
Statement of intention
The statement of intention is Official Form 108: a declaration by an individual Chapter 7 debtor that tells the court and creditors what the debtor plans to do with property subject to security interests and with unexpired personal property leases. 1
Talk to a lawyerWhat goes on the statement of intention?
For each secured creditor listed on Schedule D, the form has four boxes: surrender the property, keep it and redeem it, keep it and enter into a reaffirmation agreement, or keep it and explain. It also asks whether the property was claimed as exempt. 2
Part 2 lists personal property leases that have not yet ended and asks whether each will be assumed. Real estate leases do not go on this form. The debtor may assume such a lease if the trustee does not. 2
Missing the deadlines has a cost. If the statement is not filed on time, or the stated choice is not carried out on time, the automatic stay ends for the personal property concerned and that property is no longer property of the estate. 3
What are the deadlines?
| Step | Deadline |
|---|---|
| File the statement 4 2 | 30 days after filing the petition, or the date of the meeting of creditors, whichever is earlier, unless the court extends the time for cause 4 2 |
| Carry out the choice 4 | Within 30 days after the first date set for the meeting of creditors 4 |
| Reaffirm or redeem property that secures the loan used to buy it 4 | Not later than 45 days after the first meeting of creditors 4 |
| Change the stated choice 5 | Any time before the time to carry it out expires, with notice to the trustee and anyone affected 5 |
General rules only. Check the dates in your own case with the court or a lawyer.
Common questions
How do you fill out a statement of intention?
List each secured creditor and the property from Schedule D, check one box for each, say whether you claimed the property as exempt, list any personal property leases in Part 2, then sign and send copies to the creditors and lessors listed. 2
What if the lender will not agree to reaffirm?
The loss of the automatic stay for a missed deadline does not apply if the debtor stated an intention to reaffirm on the original contract terms and the creditor refused. 3
Sources
- Glossary of Legal Terms (uscourts.gov)
- Official Form 108, Statement of Intention for Individuals Filing Under Chapter 7 (uscourts.gov)
- 11 U.S. Code § 362(h)(1) (Cornell LII)
- 11 U.S. Code § 521(a)(2) (Cornell LII)
- Rule 1009. Amending a Voluntary Petition, List, Schedule, or Statement (Federal Rules of Bankruptcy Procedure, Cornell LII)
- Instructions: Bankruptcy Forms for Individuals (uscourts.gov)
- 11 U.S. Code § 1322(a)-(b) (Cornell LII)
Not sure which box to check?
A bankruptcy lawyer in your state can compare surrender, redemption and reaffirmation with you.
Connect to a bankruptcy lawyer