How doI file a letter of intent to file bankruptcy?

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How doI file a letter of intent to file bankruptcy?

Asked on October 7, 2011 under Bankruptcy Law, California

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

I think that you may be a little confused here.  The letter of intent in a bankruptcy proceeding is typically due within thirty days of the bankruptcy filing or by the time of the first meeting of creditors (or Section 341 meeting) takes place. This gives creditors time to examine the document
and determine which course of action to take.Its purpose is to notify creditors of property to be dissolved; notify creditors of property to be retained; give lenders a chance to examine the bankruptcy plan; allow the debtor to examine assets and determine which ones to keep and which ones to relinquish.  I would strongly suggest that you speak with some one about filing.  Good luck to you.

 


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