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STATE OF ILLINOIS DEPARTMENT OF FINANCIAL & PROFESSIONAL REGULATION DIVISION 0F FINANCIAL INSTITUTIONS CURRENCY EXCHANGE SECTION APPLICANT PERSONAL FINANCIAL STATEMENT Section 1 Individual Information

How to fill out applicant personal financial statement

How to fill out applicant personal financial statement?

1. Gather all necessary financial documents, such as bank statements, investment records, tax returns, and pay stubs.
2. Start by providing your personal information, including your name, address, contact details, and social security number.
3. List your assets, which may include your bank accounts, investments, real estate properties, vehicles, and any valuable possessions.
4. Specify the approximate value of each asset and provide supporting documentation if required.
5. Move on to your liabilities, such as credit card debt, mortgages, loans, and any other outstanding debts.
6. State the outstanding balance, minimum monthly payment, and any other relevant details for each liability.
7. Calculate your net worth by subtracting your total liabilities from your total assets.
8. Fill out the income section by providing details of your salary, wages, bonuses, rental income, investment income, and any other sources of income.
9. Include any additional income or sources of funds, such as child support, alimony, or government assistance.
10. Specify your monthly expenses, including housing costs, utilities, transportation expenses, healthcare costs, insurance premiums, and other regular monthly expenses.
11. Calculate your monthly disposable income by subtracting your monthly expenses from your total income.
12. Sign and date the financial statement, certifying that the information provided is accurate and complete.

Who needs applicant personal financial statement?

1. Individuals applying for loans, mortgages, or credit cards from financial institutions.
2. Business owners seeking business loans or investors for their ventures.
3. Individuals applying for certain jobs that require a thorough financial background check.
4. Students applying for financial aid or scholarships.
5. Anyone involved in legal proceedings, such as divorce or bankruptcy.

Note: The necessity of a personal financial statement may vary depending on the specific requirements of each situation. It is always recommended to consult with the relevant institution or advisor to determine if a personal financial statement is needed.

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What is applicant personal financial statement?

An applicant personal financial statement is a document that provides an overview of an individual's financial status, including assets, liabilities, income, and expenses.

Who is required to file applicant personal financial statement?

Individuals such as loan applicants, job applicants, or those applying for certain financial services or programs may be required to file an applicant personal financial statement.

How to fill out applicant personal financial statement?

To fill out an applicant personal financial statement, you need to gather information about your assets, liabilities, income, and expenses. Then, you can either use a pre-formatted template or create your own document to input these details.

What is the purpose of applicant personal financial statement?

The purpose of an applicant personal financial statement is to provide a comprehensive snapshot of an individual's financial situation. It helps lenders, employers, or program administrators evaluate an applicant's financial stability and creditworthiness.

What information must be reported on applicant personal financial statement?

An applicant personal financial statement typically includes information about assets such as cash, investments, real estate, and personal property, as well as liabilities such as debts and loans. It also includes details about income sources and expenses.