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Statement of Affairs Your name: Your phone number: Appointment date*: Appointment time: Appointment venue: Approved Intermediary (AI): * Provisional only To be confirmed by AI CONTENTS Page What is

How to fill out statement of affairs

How to fill out a statement of affairs:

1. Begin by gathering all financial documents such as bank statements, outstanding bills, loan documents, and income statements.
2. List all your assets, including property, vehicles, investments, and any valuable possessions. Provide an accurate valuation for each asset.
3. Make a detailed list of all your liabilities, including outstanding loans, credit card debts, mortgages, and any other outstanding bills or financial obligations.
4. Calculate your monthly income and include all sources such as wages, rental income, dividends, and any other regular income. Be sure to provide accurate figures.
5. Deduct your monthly expenses, including rent/mortgage payments, loan repayments, utility bills, groceries, transportation, and any other regular expenses. Again, ensure accuracy in calculating these expenses.
6. Summarize your financial situation by subtracting your total liabilities from your total assets. This will give you an overall picture of your net worth.
7. Provide any additional information or explanations that may be necessary, such as any pending legal or financial issues, ongoing lawsuits, or significant changes in personal circumstances.
8. Review the statement of affairs for accuracy and completeness. Make any necessary corrections or additions before finalizing it.
9. Once completed, sign and date the statement of affairs to acknowledge its accuracy.
10. Keep a copy of the statement of affairs for your records, as it may be required for future reference or in dealings with creditors or financial institutions.

Who needs the statement of affairs?

1. Individuals facing financial difficulties: People who are dealing with bankruptcy, insolvency, or debt management may need to fill out a statement of affairs. This document helps provide a clear understanding of their financial situation and assists with finding appropriate solutions.
2. Businesses undergoing restructuring or liquidation: Companies going through financial restructuring or facing liquidation often require a statement of affairs to assess their assets, liabilities, and overall financial viability. This helps in determining the appropriate course of action for the company.
3. Financial institutions and creditors: Lenders, banks, and creditors may request a statement of affairs from individuals or businesses to evaluate their financial standing before lending or approving credit. This document provides transparency and helps them make informed decisions regarding financial transactions.

For pdfFiller’s FAQs

What is statement of affairs?

Statement of affairs is a document that provides a detailed overview of an individual or organization's financial situation, including assets, liabilities, and debts.

Who is required to file statement of affairs?

Individuals or organizations facing financial difficulties or insolvency are typically required to file a statement of affairs.

How to fill out statement of affairs?

To fill out a statement of affairs, one must list all assets, liabilities, and debts accurately and in detail.

What is the purpose of statement of affairs?

The purpose of a statement of affairs is to provide a clear overview of an individual or organization's financial situation for creditors and other stakeholders.

What information must be reported on statement of affairs?

Information such as assets, liabilities, debts, income, expenses, and any other relevant financial details must be reported on a statement of affairs.

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