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Case 1571147 Doc 15 B 7 (Official Form 7) (04/13) Filed 07/30/15 Entered 07/30/15 11:52:33 Document Page 1 of 75 Disc Main UNITED STATES BANKRUPTCY COURT CENTRAL DISTRICT OF ILLINOIS In re: Trans

How to fill out statement of financial affairs

How to fill out statement of financial affairs

1. Gather all necessary documents such as bank statements, tax returns, loan agreements, and credit card statements.
2. Start by providing your personal information such as your name, address, and contact information.
3. List all your assets including cash, bank accounts, real estate, vehicles, and investments.
4. Disclose any income sources such as employment, self-employment, government benefits, or rental income.
5. Provide detailed information about your expenses and liabilities including mortgage payments, rent, utilities, loans, and credit card debts.
6. Include information about any lawsuits, bankruptcies, or foreclosures you have been involved in.
7. Declare any assets transferred or sold within a specific timeframe.
8. Verify the accuracy of the information provided, sign and date the statement.
9. Submit the completed statement of financial affairs to the appropriate recipient.

Who needs statement of financial affairs?

1. Individuals filing for bankruptcy need to complete a statement of financial affairs.
2. Business owners facing financial difficulties may also be required to submit a statement of financial affairs.
3. Lenders or financial institutions may request a statement of financial affairs when evaluating a borrower's creditworthiness.
4. Government agencies may require a statement of financial affairs for certain benefit programs or assistance applications.
5. Individuals involved in legal proceedings such as divorce or probate may need to provide a statement of financial affairs.

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What is statement of financial affairs?

A statement of financial affairs is a comprehensive document that outlines an individual or entity's financial status.

Who is required to file statement of financial affairs?

Individuals or entities going through bankruptcy proceedings are typically required to file a statement of financial affairs.

How to fill out statement of financial affairs?

The statement of financial affairs can be filled out by providing detailed information about assets, liabilities, income, expenses, and other financial details.

What is the purpose of statement of financial affairs?

The purpose of a statement of financial affairs is to provide transparency and disclosure of an individual or entity's financial situation to creditors and other interested parties.

What information must be reported on statement of financial affairs?

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