Orland Hills Bankruptcy Attorney States That The Statement Of Financ...

An important part of the bankruptcy petition and one often overlooked by debtors and attorneys alike is the Statement of Financial Affairs section (SOFA).   The first item requests information regarding the last three years of gross income.  Additionally, we must disclose the clients’ income from all other sources such as social security or a pension fund.  If they have any pending law suits we need to know about that as well or law suits in the last few years.  If property had been recently repossessed, it must be disclosed.  Thus, if a client has a repossessed car, we need to know about this.  One of the questions in SOFA specifically asks about repossessed cars.  Occasionally, sometimes clients might think that because they don’t have the car anymore that they don’t need to list it.
If the client has engaged in a business in the last three years, we need to know about it.  I may be a small business, part interest in another’s business or a defunct business of any sort.  It needs to be disclosed with some level of specificity.  For example, we need to know if there is any kind of assets in the business, the location of the business, the registered agent for the business, etc. 
Lastly, the debtor must list all prior addresses within the past three years.  This is to alert the Trustee with regard to any potential transfers of property that may have gone overlooked in a prior section of SOFA.  When in doubt, it is best to over list items then to under list.  Allow the Trustee to make his or her findings based upon too much information as opposed to too little information.