Letter of Intent – Chapter 7

Persons facing serious financial problems may seek to protect themselves and important assets by negotiating with their creditors or filing for bankruptcy. Although many people view bankruptcy as a “last resort” option for persons struggling to pay their debts, it may be wise for people to consider bankruptcy as an alternative to losing their homes, automobiles, and other important assets.

If a person chooses to file for bankruptcy, he or she may need to write a letter of intent to notify his or her creditors about the overall bankruptcy plan. For more information on letters of intent and Chapter 7 bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today.

The Purpose of the Letter of Intent

Letters of intent serve to:

• Notify creditors of property to be dissolved
• Notify creditors of property to be retained
• Give lenders a chance to examine the bankruptcy plan
• Allow the debtor to examine assets and determine which ones to keep and which ones to relinquish

The letter of intent is typically due within thirty days of the bankruptcy filing or by the time of the first meeting of creditors (or Section 341 meeting). This gives creditors time to examine the document and determine which course of action to take.

Contact Us

If you or someone you love is considering filing for Chapter 7 bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 to discuss your legal options.