Although it is not a legally binding document, it is related to legal actions that will take place in the near future. Letters of intent related to bankruptcy are required from those who choose to file. For many individuals who are facing financial hardships, bankruptcy is the best way to overcome these difficulties and make a fresh start with their finances.
First my disclaimer. Laws vary from state to state and do change from time to time. This information should not be construed as legal advice. When you engage in any type of real estate or legal transaction, you should seek competent legal and real estate advice from a professional.