Along with schedules of debts, assets, and other financial information, as well as documents related to establishing income and eligibility for filing a Chapter 7 case, bankruptcy debtors are required to file a Statement of Financial Affairs (SOFA). Debtors require certain documents to complete the SOFA, as well as to substantiate the information contained therein. The following is a list of this documentation.
Part Two of the SOFA requires that debtors provide information about the sources of their income. Debtors must list gross income for the current year (the year of the bankruptcy filing) from January 1 until the date of the bankruptcy filing. Since the debtor has likely not yet filed a tax return for this period, pay records are necessary to establish the amount of income for this period.
Part Two of the SOFA requires that debtors provide information about the sources of their income. Debtors must list gross income for the prior two calendar years. If bankruptcy is filed in 2021, the debtor must provide income for the years 2019 and 2020.
Debtors need statements for any debts paid within the 90 days prior to the filing of the bankruptcy case since these debt payments may be classified as preferences by the bankruptcy trustee. Debtors may not prefer certain creditors over others when making debt payments close in time to their bankruptcy case filings. Debtors may also need some statement, receipt, or writing as proof for any debts paid within one year of the bankruptcy case filing for payments made to insiders – family members or close business associates. Debtors will also have to provide information related to closed financial accounts and safe deposit boxes.
*Legal documents related to lawsuits, repossessions, garnishments, or foreclosures
Debtors must provide information including details of any lawsuit, repossession, garnishment, or foreclosure. This information includes the names of the other parties, case number, court, and status.
*Documents related to charitable contributions, gifts, or losses
Debtors must list information related to charitable contributions, gifts, or losses. This includes insurance information which will require reference to insurance policies.
*Business documents (if applicable)
Debtors who are elf-employed must include information about their business including dates of operation and employer identification number (EIN).
The Morrison Law Group strives for complete client satisfaction with the services that we provide throughout a bankruptcy case, as well as the ongoing services that we provide post-bankruptcy. Not all Utah Bankruptcy attorneys can make this statement, but the Morrison Law Group is not like other Utah bankruptcy law firms. Call 801.456.9933 today to schedule a FREE consultation. We have locations in Ogden, Logan, Sandy, Orem, and St. George to serve the residents of the counties of Weber, Cache, Salt Lake, Utah, Morgan, Davis, Washington, and surrounding areas.