What is Form 108 — Statement of Intention?

Official Form 108 is filed with a Chapter 7 bankruptcy petition to inform the trustee and secured creditors what you intend to do with each piece of personal property that has a lien on it. You must declare for each item whether you will: (1) reaffirm the debt, (2) redeem the property, (3) surrender the property, or (4) avoid the lien under § 522(f). The form also covers unexpired personal property leases — you state whether you will assume or reject each.

What does "reaffirm" mean?

Reaffirmation means you agree to remain personally liable on the debt after the bankruptcy discharge. You sign a new agreement with the creditor (a reaffirmation agreement, filed with the court), and the creditor continues to hold its lien. If you later default after reaffirmation, the creditor can sue you personally for any deficiency. Reaffirmation is most common for car loans when you want to keep the vehicle and cannot afford to redeem it.

What does "redeem" mean?

Redemption under 11 U.S.C. § 722 allows you to pay the creditor the current replacement value of the collateral in a lump sum and discharge the rest of the debt. For example, if you owe $15,000 on a car worth $7,000, you could redeem by paying $7,000. You need the cash or a redemption loan (specialty lenders like 722 Redemption Funding exist). The redemption motion is filed separately.

What does "surrender" mean?

Surrender means you turn the property back to the secured creditor. The lien is satisfied (up to the value of the collateral), any deficiency is discharged in the bankruptcy, and you are no longer liable. Surrender is often the right choice for underwater collateral (where the debt exceeds the value) or property you can no longer afford.

When is Form 108 due?

Form 108 must be filed within 30 days after the date of your Chapter 7 petition — or before the date first set for the meeting of creditors under § 341(a) — whichever is earlier. 11 U.S.C. § 521(a)(2). If you miss the deadline, the automatic stay terminates with respect to the personal property in question, and the property may be deemed surrendered.

Does Form 108 cover real estate (my house)?

No. Form 108 covers personal property and personal property leases only. Your intention regarding real property (your house, investment properties) is communicated through other means — typically the reaffirmation agreement or by simply letting the mortgage go and surrendering the property in the case. Consult with a bankruptcy attorney if you have a home mortgage.

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Chapter 7 — secured property

Statement of Intention

Official Form 108 must be filed within 30 days of your Chapter 7 petition. It tells the trustee and every secured creditor what you plan to do with each piece of secured personal property — reaffirm (stay liable on the debt), redeem (pay lump-sum current value), or surrender (return the collateral). Missed deadline = automatic stay lifts on that property. The wizard builds the form in minutes — free, no signup required.

Debtor info

Debtor information

Form 108 must be filed within 30 days after your Chapter 7 petition (or before the meeting of creditors, whichever is earlier). It tells the trustee and secured creditors what you plan to do with each piece of secured personal property and each unexpired personal property lease.

Debtor full legal name

Case number (if assigned)

Common questions

What is the deadline to file Form 108?

Within 30 days of your Chapter 7 petition, or before the § 341 meeting of creditors — whichever is earlier. Missing the deadline can cause the automatic stay to lift on the affected property.

What is the difference between reaffirmation and redemption?

Reaffirmation: you stay liable on the full balance and keep the collateral under a new agreement. Redemption (§ 722): you pay the creditor the current replacement value in a lump sum and discharge the rest. Redemption requires a one-time payment but eliminates deficiency risk.

Do I need to list real estate on Form 108?

No. Form 108 covers personal property and personal property leases only. Real estate mortgages are handled through other bankruptcy procedures.

What if I miss the 30-day deadline?

The automatic stay terminates with respect to the personal property covered by the lien — meaning the secured creditor may proceed with repossession. File as quickly as possible and consult a bankruptcy attorney if you have missed the deadline.

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Not legal advice. SynthCounsel is not a law firm. Reaffirmation agreements have strict requirements under 11 U.S.C. § 524(c) and require court approval in some circuits. Consult a licensed bankruptcy attorney before deciding to reaffirm.