If you are filing for Chapter 7 bankruptcy, there is a chance that some of your possessions may need to be sold in order to repay creditors. Your letter intent should describe what assets of yours will be kept and which will be sold, as creditors will want to be informed of this information. These letters should be sent within 30 days of filing for bankruptcy. A lawyer is typically used to ensure that these letters get to all the right places and contain the proper, and correct, information.
In the real estate world a letter of intention to buy is most often the first step a buyer takes when they have found the home that they wish to purchase. While it is a non_binding contract, once the letter has been received the seller will usually take the home off the market and stop considering other offers. For those who have never written one a letter of intent sample can be found at several websites on the Internet along with instructions covered how to fill it out effectively. You will find many different versions making it easy to find one that suits your specific needs.