Official Form 7 (Statement of Financial Affairs)

Official Form 7, known as the Statement of Financial Affairs, is a legal document filed during bankruptcy proceedings. It requires individuals to provide detailed information about their financial history, including assets, liabilities, income, expenses, and recent financial transactions. This transparency helps the court and creditors assess the total financial situation of the filer, ensuring an organized process for debt relief. The form aims to present an honest and comprehensive overview of one’s finances during bankruptcy, facilitating fair treatment and proper resolution of debts under bankruptcy law.