Build a list of things that you will be addressing in the Purchase Offer and decide how you want each of them handled. Now you will not be able to cover EVERY scenario but you will be much further ahead (and prepared) when it comes to crunch time. What do you do then? Present the offer to the seller. Make sure you have an ending day and time for your offer to expire. You do NOT want the seller thinking this over for too long.
A letter of intent should be sent to all creditors warning them of future legal proceedings. It is important for creditors to know when a debtor is going to file for bankruptcy, as it directly affects the manner in which they will be repaid as well as the time period in which they can expect to be repaid.