When filing for bankruptcy, a debtor is required to file a Statement of Intention specifying whether the debtor intends to retain or surrender property. For example, the debtor will specify whether a home or car will be kept after bankruptcy or surrendered back to the lender.

A copy of the statement must be served on all creditors listed on the statement and the Chapter 7 trustee. Fed R Bankr P 1007(b)(2). A debtor can retain through an exemption, reaffirming the debt, redemption or avoiding a lien. 11 USC 521(2)(A). In a Chapter 7 filing, the Statement of Intention must be filed within 30 days of filing the bankruptcy petition or by the date set for the first meeting of the creditors, whichever is earlier. If necessary, the date for filing the Statement of Intention can be extended by for cause. A debtor is required to perform the intention with respect to the property within 45 days of filing the Statement of Intention, unless the time has been extended by the court for cause. 11 USC 521(2)(B). If a debtor changes his or her mind with respect to a piece of property listed in the Statement of Intention, the statement can be amended anytime before the expiration period set forth in 11 USC 521(2)(B). As with filing the initial Statement of Intention, any amendments must be served on the trustee and any creditor affected by the amendment. Fed R Bankr P 1009(b).

- Richard V. Stokan, Jr.