A letter of intent is required as part of many legal actions. For example, such letters are used by companies to inform the public about share liquidations or to let shareholders know that companies are planning a joint-venture. In Chapter 7 bankruptcy, this letter is used for the purpose of informing creditors about bankruptcy filings.
Contents of the Letter of Intent
The letter of intent will be sent to your creditors in the event that you choose to file for bankruptcy. It will include information about what property is being dissolved and what property is being retained. Your creditors will study this letter in order to determine how the bankruptcy filing will affect your outstanding debt with them.
In general, creditors must receive this document no later than 30 days after you choose to file. An experienced bankruptcy attorney can help draft a letter that will provide each company with the information necessary to evaluate the bankruptcy claim.
If you have hit tough financial times, you do have options. If you are considering filing for bankruptcy, it is important to learn about the laws and guidelines related to this form of debt relief. The Milwaukee bankruptcy attorneys at the DeLadurantey Law Office, LLC, can help. Contact us today at 414-377-0518 to learn more about the steps of filing for personal bankruptcy.