16. Debtor’s Statement of Intent

Debtor must perform §521 statement of intent as to secured property within 30 days after the date set for the first creditors meeting. Failure to either redeem the property of reaffirm the debt within 45 days after the §341 meeting results in termination of the automatic stay (as noted above) and allows the creditor to exercise whatever remedies it has under applicable non-bankruptcy law, subject to a request by the trustee to extend the stay upon providing adequate protection to the creditor.