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.
Secret: Time is NEVER on your side when you are buying. Never forget that. Keep in mind that if you are looking to explore the viability of a purchase, a good starting point is the LOI. Once you get beyond the "overview" of what you and the seller are looking for, detail everything out in the purchase contract, and keep all of the above in mind when doing so.