Statement of Intention

Definition - What does Statement of Intention mean?

A statement of intention is a formal assertion from a person, in writing, of what they are planning to do in the future. The term is most often used in relation to bankruptcy cases, when a debtor writes to a creditor to inform them that they are filing bankruptcy and invites them to a meeting of creditors. A person is expected to write a statement of intent to all creditors or their legal representation will do so.

Justipedia explains Statement of Intention

In certain states, there is a limit to the level of creditors that a debtor must inform of an impending bankruptcy. In those cases, the person is only required to take out a notice or advertisement in a newspaper and let it run for 30 days, stating the debtor's name and intent to file bankruptcy, so that the debtors may potentially see it. If the debtor takes notice of a statement of intent, they are required to write to the court or the liquidator to be put on the official list of debtors.

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