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Statement of Financial Affairs

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STATEMENT OF FINANCIAL AFFAIRS

UNITED STATES BANKRUPTCY COURT

District of

In re: Case No.

Debtor (if known)

This statement is to be completed by every debtor. Spouses filing a joint petition may file a single statement on which the information for both spouses is combined. If the case is filed under chapter 12 or chapter 13, a married debtor must furnish information for both spouses whether or not a joint petition is filed, unless the spouses are separated and a joint petition is not filed. An individual debtor engaged in business as a sole proprietor, partner, family farmer, or self-employed professional, should provide the information requested on this statement concerning all such activities as well as the individual's personal affairs. To indicate payments, transfers and the like to minor children, state the child's initials and the name and address of the child's parent or guardian, such as "A.B., a minor child, by John Doe, guardian." Do not disclose the child's name. See, 11 U.S.C. §112 and Fed. R. Bankr. P. 1007(m).

Questions 1 - 18 are to be completed by all debtors. Debtors that are or have been in business, as defined below, also must complete Questions 19 - 25. If the answer to an applicable question is "None," mark the box labeled "None." If additional space is needed for the answer to any question, use and attach a separate sheet properly identified with the case name, case number (if known), and the number of the question.

DEFINITIONS

"In business." A debtor is "in business" for the purpose of this form if the debtor is a corporation or partnership. An individual debtor is "in business" for the purpose of this form if the debtor is or has been, within six years immediately preceding the filing of this bankruptcy case, any of the following: an officer, director, managing executive, or owner of 5 percent or more of the voting or equity securities of a corporation; a partner, other than a limited partner, of a partnership; a sole proprietor or self-employed full-time or part-time. An individual debtor also may be “in business” for the purpose of this form if the debtor engages in a trade, business, or other activity, other than as an employee, to supplement income from the debtor's primary employment.

"Insider." The term "insider" includes but is not limited to: relatives of the debtor; general partners of the debtor and their relatives; corporations of which the debtor is an officer, director, or person in control; officers, directors, and any persons in control of a corporate debtor and their relatives; affiliates of the debtor and insiders of such affiliates; and any managing agent of the debtor. 11 U.S.C. § 101(2), (31).

1. Income from employment or operation of business

None State the gross amount of income the debtor has received from employment, trade, or profession, or from operation of the debtor's business...

2. Income other than from employment or operation of business

None State the amount of income received by the debtor other than from employment, trade, profession, operation of the debtor's business during the two years immediately preceding the commencement of this case. Give particulars.

3. Payments to creditors

None

a. Individual or joint debtor(s) with primarily consumer debts

b. Debtor whose debts are not primarily consumer debts

c. All debtors: payments to insiders

4. Suits and administrative proceedings, executions, garnishments and attachments

None a. List all suits and administrative proceedings...

None b. Describe all property that has been attached, garnished or seized...

5. Repossessions, foreclosures and returns

None List all property that has been repossessed, sold at foreclosure, transferred through deed in lieu, or returned to seller...

6. Assignments and receiverships

None a. Describe any assignment of property for the benefit of creditors...

None b. List all property which has been in the hands of a custodian, receiver, or court-appointed official...

7. Gifts

None List all gifts or charitable contributions made within one year...

8. Losses

None List all losses from fire, theft, casualty or gambling...

9. Payments related to debt counseling or bankruptcy

None List all payments made or property transferred for consultation concerning debt consolidation, relief under bankruptcy law or preparation of a petition...

10. Other transfers

None a. List all other property transferred...

None b. List all property transferred to a self-settled trust or similar device...

11. Closed financial accounts

None List all financial accounts and instruments held in the name of the debtor or for the benefit of the debtor which were closed, sold, or otherwise transferred...

12. Safe deposit boxes

None List each safe deposit or other box or depository...

13. Setoffs

None List all setoffs made by any creditor, including a bank...

14. Property held for another person

None List all property owned by another person that the debtor holds or controls.

15. Prior address of debtor

None If debtor has moved within three years immediately preceding the commencement of this case...

16. Spouses and Former Spouses

None If the debtor resides or resided in a community property state...

17. Environmental Information

None a. List sites with written governmental notice...

None b. List sites for which notice of hazardous material release was provided...

None c. List judicial or administrative proceedings under Environmental Law...

18. Nature, location and name of business

None a. If the debtor is an individual, list businesses...

None b. Identify any business listed above that is 'single asset real estate'...

The following questions are to be completed by every debtor that is a corporation or partnership and by any individual debtor who is or has been, within six years immediately preceding the commencement of this case, any of the following...

19. Books, records and financial statements

None a. List all bookkeepers and accountants...

None b. List all firms or individuals who audited books or prepared a financial statement...

None c. List all firms or individuals in possession of books of account and records...

None d. List all financial institutions, creditors and other parties to whom a financial statement was issued...

20. Inventories

None a. List the dates of the last two inventories...

None b. List the name and address of the person having possession of the records...

21. Current Partners, Officers, Directors and Shareholders

None a. If the debtor is a partnership...

None b. If the debtor is a corporation...

22. Former partners, officers, directors and shareholders

None a. If the debtor is a partnership...

None b. If the debtor is a corporation...

23. Withdrawals from a partnership or distributions by a corporation

None If the debtor is a partnership or corporation...

24. Tax Consolidation Group

None If the debtor is a corporation, list the parent corporation...

25. Pension Funds

None If the debtor is not an individual, list the pension fund...

* * * * * *

[If completed by an individual or individual and spouse]

I declare under penalty of perjury that I have read the answers contained in the foregoing statement of financial affairs and any attachments thereto and that they are true and correct.

Date

Signature of Debtor

Date

Signature of Joint Debtor (if any)

[If completed on behalf of a partnership or corporation]

I declare under penalty of perjury that I have read the answers contained in the foregoing statement of financial affairs and any attachments thereto and that they are true and correct to the best of my knowledge, information and belief.

Date

Signature

Print Name and Title

___continuation sheets attached

DECLARATION AND SIGNATURE OF NON-ATTORNEY BANKRUPTCY PETITION PREPARER

I declare under penalty of perjury that: (1) I am a bankruptcy petition preparer as defined in 11 U.S.C. § 110; (2) I prepared this document for compensation and have provided the debtor with a copy of this document and the notices and information required under 11 U.S.C. §§ 110(b), 110(h), and 342(b); and, (3) if rules or guidelines have been promulgated pursuant to 11 U.S.C. § 110(h) setting a maximum fee for services chargeable by bankruptcy petition preparers, I have given the debtor notice of the maximum amount before preparing any document for filing for a debtor or accepting any fee from the debtor, as required by that section.

Printed or Typed Name and Title, if any, of Bankruptcy Petition Preparer

Social-Security No. (Required by 11 U.S.C. § 110.)

If the bankruptcy petition preparer is not an individual, state the name, title (if any), address, and social-security number of the officer, principal, responsible person, or partner who signs this document.

Address

Date

Signature of Bankruptcy Petition Preparer

Names and Social-Security numbers of all other individuals who prepared or assisted in preparing this document unless the bankruptcy petition preparer is not an individual:

If more than one person prepared this document, attach additional signed sheets conforming to the appropriate Official Form for each person

A bankruptcy petition preparer's failure to comply with the provisions of title 11 and the Federal Rules of Bankruptcy Procedure may result in fines or imprisonment or both. 18 U.S.C. § 156.

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What the Statement of Financial Affairs Is

The Statement of Financial Affairs is a formal financial disclosure document used primarily in bankruptcy proceedings and related legal contexts to summarize an individual’s or entity’s assets, liabilities, income sources, recent transfers, and financial transactions for prescribed reporting periods. It gathers creditor listings, asset descriptions, recent payments to insiders, litigation disclosures, and professional fee information. Courts, trustees, and creditors rely on the Statement to assess solvency, identify preferential transfers, and administer claims. Accurate responses are required under penalty of perjury and support transparent case administration.

Why a Complete Statement of Financial Affairs Matters

A clear Statement of Financial Affairs streamlines bankruptcy review, helps trustees and creditors assess distributions, and reduces disputes by documenting transfers and liabilities. Timely, accurate disclosure may limit costly investigations, support orderly case administration, and fulfill statutory obligations under bankruptcy rules.

Why a Complete Statement of Financial Affairs Matters

Who Prepares and Uses the Statement of Financial Affairs

Typical filers include debtors, trustees, and bankruptcy counsel who prepare or review the Statement of Financial Affairs.

  • Individuals filing Chapter 7 or Chapter 13 bankruptcy cases in federal court.
  • Corporate debtors and small businesses disclosing assets, creditors, and recent transactions.
  • Bankruptcy trustees, creditors' committees, and opposing counsel who analyze disclosure accuracy.

The document serves as a primary disclosure record for courts, creditors, and trustees throughout case administration.

Step-by-Step: Completing and Submitting the Statement of Financial Affairs

Follow these steps to complete and submit a Statement of Financial Affairs for a bankruptcy case.

  • 01
    Gather Documents: Collect tax returns, bank statements, deeds, and creditor invoices.
  • 02
    Complete Fields: Answer each item fully; use MM/DD/YYYY dates.
  • 03
    Review Accuracy: Check names, TINs, figures, and signatures for consistency.
  • 04
    File with Court: Attach exhibits, sign under penalty of perjury, and file electronically.

Typical Workflow for Preparing and Routing the Statement

This overview shows common routing steps for preparing, verifying, and submitting the Statement of Financial Affairs.

  • Prepare Draft: Populate fields and attach supporting schedules and exhibits.
  • Internal Review: Have counsel or trustee review for completeness and compliance.
  • Notarize/Verify: Obtain notarization or witness attestations if jurisdiction requires.
  • File/Serve: Submit to court and serve required parties per local rules.

Core Components of a Professional Statement of Financial Affairs

A professional Statement of Financial Affairs includes structured schedules, clear supporting exhibits, and verifiable disclosures tailored to bankruptcy reporting standards.

Schedules

Organized schedules separate assets, unsecured creditors, secured claims, executory contracts, and priority claims, with cross-references to supporting exhibits for trustee reconciliation.

Assets

Detailed descriptions, ownership interest, timestamps, and estimated values for real property, accounts, vehicles, and investments, including co-owners and liens where applicable.

Liabilities

A comprehensive creditor listing with account numbers, balances, collateral descriptions, and claimed priority to clarify treatment during claims administration.

Transfers

Full disclosure of transfers, payments, or gifts to insiders and third parties within statutory lookback periods, including dates, amounts, recipients, and stated business purpose.

Income

Periodized reporting of gross income sources—wages, pensions, rental receipts—and attached supporting pay stubs or tax return summaries to substantiate amounts.

Declarations

Signed verification under penalty of perjury, certificates of service, and signature blocks with printed names, titles, and dates for all required signatories.

Required Data Elements at a Glance

Debtor Name: Full legal name as on ID
Tax ID: SSN or EIN in standard format
Physical Address: Street, city, state, ZIP
Creditor Details: Name, address, balance, claim basis
Recent Transfers: Date, amount, recipient, reason
Income Summary: Source, period, gross amount

Key Risks and Legal Consequences

Perjury Exposure: False statements may be prosecuted
Amendment Orders: Court can order amendments
Avoidable Trustee Claims: Trustee may pursue preferences
Tax Penalties: IRS penalties for incorrect returns
I-9/Employment Risk: Employment records may be audited
Fee Sanctions: Court may impose costs

Common Preparation Pitfalls to Avoid

  • Omitting creditors or listing incomplete addresses leads to missed notices and contested claims, requiring amendment motions that delay distribution and increase professional fees.
  • Rounding figures or failing to reconcile account balances with bank statements creates inconsistencies trustees flag during audits and may trigger document requests.
  • Using vague descriptions for transfers, such as 'loan' without terms, obstructs preferential transfer analysis and invites trustee challenges.
  • Late filing or unsigned declarations can result in rejection or court orders to correct filings, prolonging case timelines and increasing costs.

Key Deadlines That Affect the Statement of Financial Affairs

Key deadlines for Statements of Financial Affairs depend on local bankruptcy rules and court schedules; timing affects disclosure completeness and creditor notice.

Initial Filing Deadline:

File contemporaneously with bankruptcy petition.

Amendment Deadline:

Amend promptly upon discovering omissions.

Meeting of Creditors:

341 meeting usually held within 20 to 40 days post-filing.

Objection Period:

Creditors object per local rule timelines.

Final Accounting:

Trustee files final report before distribution closure.

eSignature Pricing and Capabilities for Statement of Financial Affairs Workflows

A high-level pricing and feature comparison for common eSignature plans relevant when managing Statements of Financial Affairs.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day free trial No No Yes, limited Yes, limited
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Technical Considerations for eSigning and eSubmission

Digital workflows for the Statement of Financial Affairs require integrations and file format compatibility across systems.

  • Integrations: Salesforce, NetSuite, MS 365 supported
  • File Formats: PDF, DOCX, HTML, Excel accepted
  • Authentication: Email, SMS, KBA, SSO options

Frequently Asked Questions About the Statement of Financial Affairs

Answers to common questions about electronic signing, notarization, amendments, and court filing practices for the Statement of Financial Affairs.


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