Legal Dictionary of Pakistan

statement of intention

Bankruptcy. A preliminary statement filed by the debtor in a Chapter 7 case, in which the debtor details whether property secured by consumer debt will be retained or surrendered and whether the property is claimed as exempt. 0 The statement usu. must be filed before the first creditors' meeting or within 30 days from the petition-filing date, whichever is earlier. 11 USCA § 521.