Statement of Intention Definition

Statement of intention - this is a form filed in a Chapter 7 bankruptcy where the Debtor declares how he intends to handle secured debt or an executory contract. For example, the debtor may reaffirm, retain and pay, redeem or surrender in a chapter 7 bankruptcy.

2021-03-02T22:39:49+00:00February 1st, 2014|Glossary|

Relief From Stay Definition

Relief from Stay - when a Creditor is permitted by the Court to take action to collect debt or regain collateral. The stay may also be lifted to permit other litigation to proceed, such as a divorce proceeding. Many times, relief from the stay is conditional depending on the performance of the debtor.

2021-03-02T22:40:45+00:00February 1st, 2014|Glossary|

Redemption Definition

Redemption - this is the procedure in a Chapter 7 bankruptcy where the Debtor pays the replacement value of property to the creditor (not the amount due on the account). A redemption is required to be made in a lump sum payment, and not under installments. The debtor must bring a motion and obtain a [...]

2021-01-13T19:30:18+00:00February 1st, 2014|Glossary|

Reaffirmation Agreement Definition

Reaffirmation agreement - this is an agreement entered into between the Debtor and creditor in a Chapter 7 bankruptcy where the Debtor agrees to continue to be legally liable for the debt even after the bankruptcy discharge. Reaffirmations are required where a Debtor wants to keep a secured item, such as a car.

2021-06-08T20:29:21+00:00February 1st, 2014|Glossary|
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