What is the Statement of Intentions?

The Statement of Intentions indicates what you plan on doing with property secured by a loan, like your house or car. You have two primary options. Reaffirm the debt, meaning you will keep the property and promise to make payments on it in the future. Second, surrender the property, not make any further payments and not owe anything further. Under certain circumstances, you may also redeem property. This means that if the trustee has the right to cease a piece of property, you may pay the value of the property to the Trustee in order to keep it. The idea being that the Trustee will get the same value from you for distribution to the creditors that he would have gotten from the sale of the property through an auction or outright sale.