To conclude, there's perhaps no more apt way to conclude this piece, than to quote this very fitting statement by contract law attorney, Ivan Hoffman, of California: "[Given that] the letter of intent is essentially a legally worthless document [but yet one that could potentially cause many serious legal problems for the signer]. It is not clear to me the reason any party would ever bother to create such a document and yet I have seen it used on many occasions."
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.