Statement of Intention

The Statement of Intention informs the Bankruptcy Court what a debtor intends to do with secured property (such as cars).  It is usually filed with the petition itself, however court rules allow up to 30 days after the petition is filed or on/before the date of the 341(a) meeting of creditors (whichever is earlier).  You must indicate all of your secured property along with what you are intend to do with it.  Some options are: surrendering the property, retaining the property, claiming an exemption to retain the property, redeeming the property or reaffirming the property.