Statement Of Financial Affairs For Individuals Filing Bankruptcy {B107}

OFFICIAL FORM 107 - STATEMENT OF FINANCIAL AFFAIRS FOR INDIVIDUALS FILING FOR BANKRUPTCY. Be as complete and accurate as possible. If two married people are filing together, both are equally responsible for supplying correct information. If more space is needed, attach a separate sheet to this form. On the top of any additional pages, write your name and case number (if known). Answer every question. This form is used by individuals seeking bankruptcy protection. This form gathers detailed financial information about the debtor’s marital status, income, financial transactions, and legal matters. It begins by asking about the debtor’s marital status and places of residence over the past three years, as well as any time spent living in a community property state. The form then requests information about income sources, including wages, business earnings, and other financial benefits received over the past three years. Debtors must disclose any significant payments made to creditors within specific timeframes before filing for bankruptcy, particularly those exceeding a set monetary threshold. Payments to insiders, such as family members or business associates, must also be reported if they were made within a year before filing. The form requires disclosure of any legal actions, lawsuits, repossessions, foreclosures, garnishments, or property seizures that occurred within the past year. It also asks if financial institutions set off debts against the debtor’s accounts. Furthermore, the debtor must report gifts exceeding $600 given to individuals or charities within the past two years, as well as any losses due to theft, disaster, or gambling within the past year. The document also inquires about payments made to attorneys, credit counseling agencies, or others who assisted with the bankruptcy process, along with any transfers of property or financial transactions made outside the ordinary course of business. The debtor must list any property sales, trades, or transfers that occurred in the two years before filing, as well as any transfers to self-settled trusts within the past ten years. This form is crucial for providing a comprehensive financial history to the bankruptcy court, ensuring full disclosure of financial affairs. It helps determine eligibility for bankruptcy relief and ensures that creditors receive fair treatment under the law. www.FormsWorkflow.com