Statement of Affairs

A Statement of Affairs is a financial document that outlines the assets and liabilities of an individual or business at a specific point in time. It provides a snapshot of one’s financial health, listing what is owned (assets) and what is owed (liabilities). This information helps stakeholders, such as creditors or investors, assess the overall financial position and viability. Often used in situations like insolvency or bankruptcy, it serves as a crucial tool for financial planning and decision-making.