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.
Letters of intent are important in business relationships for they have many uses. For example, they are a form of proof to investors who want to know about the deals that the company has signed. They can get information on current business relationships.