Puerto Rico Statement of Financial Affairs — Form 7 is a legal document used by individuals or businesses in Puerto Rico to provide a comprehensive overview of their financial situation. This form is typically required in bankruptcy cases to determine the debtor's assets, liabilities, income, expenses, and other relevant financial information. The Puerto Rico Statement of Financial Affairs — Form 7 is divided into various sections that cover different aspects of the debtor's financial affairs. These sections include: 1. Personal Information: This section collects essential details about the debtor, such as name, address, social security number, and contact information. 2. Employment: Debtors are required to disclose their current employment status, including the name and address of their employer, position, and duration of employment. 3. Income: This section requires the debtor to provide detailed information about their income sources, including wages, salaries, self-employment earnings, rental income, and any other sources of regular income. 4. Property: Debtors are required to list all assets they own, including real estate, vehicles, bank accounts, investment accounts, and personal property. They need to provide details such as the item's description, current value, and any secured or unsecured interests against it. 5. Debts and Liabilities: This section mandates the debtor to disclose all outstanding debts and liabilities, including credit card balances, loans, mortgages, taxes owed, and any legal judgments against them. 6. Contracts and Leases: Debtors need to disclose any ongoing contracts, leases, or rental agreements they are a party to, providing details about the nature, terms, and parties involved. 7. Financial History: This section requires the debtor to provide a detailed account of their financial history, including any recent financial transactions, transfers of assets, or payments made to creditors. 8. Previous Bankruptcy Filings: Debtors must disclose any previous bankruptcies they have filed, including dates, locations, case numbers, and outcomes. 9. Other Related Information: This section collects additional relevant information, such as pending lawsuits, recent inheritances, domestic support obligations, and any other financial matters that may impact the debtor's current financial situation. It is essential to note that while the general structure and content of the Puerto Rico Statement of Financial Affairs — Form 7 are standardized, there may be slight variations in the format or additional requirements specific to different bankruptcy courts or jurisdictions within Puerto Rico.
Puerto Rico Statement of Financial Affairs - Form 7
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How to fill out Statement Of Financial Affairs - Form 7?
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Statement of Financial Af·?fairs. : a written statement filed by a debtor in bankruptcy that contains information regarding especially financial records, location of any accounts, prior bankruptcy, and recent or current debt. called also statement of affairs.
When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property?such as your car, boat, or home?or let it go back to the creditor.
Unsecured creditors. Where should a company undergoing reorganization report the gains and losses resulting from the reorganization? On the income statement, separate from other gains and losses.
Statement of Financial Affairs (?SOFA?) The SOFA is a bankruptcy form that focuses on the financial situation that caused the debtor to become insolvent. The court, trustee, creditors and debtor's advisors will use the SOFA to look more closely at the debtor's business and financial situation.
Official Form 106Sum. Summary of Your Assets and Liabilities and Certain Statistical Information. 12/15. Be as complete and accurate as possible. If two married people are filing together, both are equally responsible for supplying correct information.
Form 7, the Statement of Financial Affairs, contains a series of questions which direct the debtor to answer by furnishing information. If the answer to a question is "None," or the question is not applicable, an affirmative statement to that effect is required.