We find exactly the opposite to be true. If you were to go to an unknown area, would you want a map of the area? Well that is exactly what the LOI is: a map of the major deal points. In today's busy world it is important to be sure two parties are going down the same road and in the same direction before spending too much time working out all the details of a transaction.
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.