Get the free PERSONAL FINANCIAL STATEMENT - Rockford Bank & Trust

PERSONAL FINANCIAL STATEMENT IMPORTANT: READ THESE DIRECTIONS BEFORE COMPLETING THIS STATEMENT If you are applying for individual credit in your own name and are relying on your own income or assets

How to fill out personal financial statement

How to fill out personal financial statement:

1. Start by gathering all necessary financial documents, such as bank statements, investment account statements, tax returns, and loan statements.
2. Create a comprehensive list of your assets, including cash, real estate, vehicles, investments, and any other valuable possessions.
3. List all your liabilities, including loans, credit card debt, mortgages, and any other outstanding debts.
4. Calculate your net worth by subtracting your total liabilities from your total assets.
5. Provide detailed information about your income, including salaries, bonuses, rental income, and any other sources of revenue.
6. Document all your monthly expenses, such as mortgage payments, utility bills, insurance premiums, and daily living expenses.
7. Include information about any other financial commitments or obligations, such as child support or alimony payments.
8. Review and double-check all the information to ensure accuracy and completeness.
9. Fill out the personal financial statement form provided by your bank or financial institution.
10. Submit the completed personal financial statement to the relevant party, such as your bank, loan officer, or financial advisor.

Who needs a personal financial statement:

1. Individuals applying for a loan or mortgage: Lenders often require a personal financial statement to assess the borrower's financial standing and ability to repay the loan.
2. Entrepreneurs seeking investors: When presenting a business plan to potential investors, entrepreneurs may need to include a personal financial statement to demonstrate their own financial stability and commitment to the venture.
3. Job applicants in certain industries: Some job positions, particularly those in finance, accounting, or executive roles, may require candidates to provide a personal financial statement to evaluate their financial acumen and trustworthiness.
4. Individuals seeking financial planning or advisory services: People who wish to engage the services of a financial planner or advisor may be asked to provide a personal financial statement as a baseline for developing a comprehensive financial plan.
5. Divorce or legal proceedings: Personal financial statements are often required during divorce proceedings to determine a fair division of assets and liabilities. Additionally, they may be requested in other legal matters to assess an individual's financial situation.

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