Chapter 7 Statement of Financial Affairs Preview, Official Bankruptcy Form 107
Автор: National Bankruptcy Academy
Загружено: 2020-11-13
Просмотров: 934
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Every Chapter 7 debtor is required to file a statement of the debtor’s financial affairs. A debtor’s statement of financial affairs is officially titled Official Form 107, Statement of Financial Affairs for Individuals Filing for Bankruptcy. The form is commonly referred to as the “Statement of Financial Affairs” or the acronym “SOFA.”
The Statement of Financial Affairs provides a summary of the debtor’s financial history over certain periods of time before the debtor filed for bankruptcy. Debtors who are in business as a sole proprietor, partner, family farmer, or self-employed professional, must provide the information about all of the debtor’s business and personal financial activities. Although this statement may ask the debtor questions that are similar to some questions on the schedules, the debtor must fill out all of the forms completely to protect the debtor’s legal rights.
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