Statement of Intentions

[laurannm]

Was poking around on Pacer this morning, looking at various Ch 7 cases that some of the local lawyers were involved in. And I noticed something that I found interesting...I noticed that on many of the Statement of Intention forms, people would list their homes and/or cars, and where you have the three boxes to choose from: Surrender, Redeem or Reaffirm, entered on the form (in place of where the check marks would be, so written across all three boxes essentially) was the following:

"Debtor will retain collateral and continue to make payments".

I know technically the new laws tried to do away with the ride-through option (at least for personal property), but isn't this basically stating that the debtor wishes to "ride-through"? I never would have expected to see this formally entered on this form, even if the debtor wanted to ride-through.

[lrprn]

I know technically the new laws tried to do away with the ride-through option (at least for personal property), but isn't this basically stating that the debtor wishes to "ride-through"? I never would have expected to see this formally entered on this form, even if the debtor wanted to ride-through.

This is likely a local or district court custom that all trustees and judges have agreed is the best approach because it's what is happening with large loan creditors anyway. Doesn't mean it's happening everywhere (although it would make MUCH more sense if it was! )