The Illinois Statement of Financial Affairs — Form 7 is an official document required by bankruptcy courts in Illinois as part of the bankruptcy filing process. This form is designed to provide a comprehensive overview of an individual or business debtor's financial situation, including assets, liabilities, income, and expenses. It is a crucial component of the bankruptcy petition as it helps the court and creditors assess the debtor's financial condition and determine the appropriate course of action. The Form 7 is structured into various sections that capture essential financial information. These sections include: 1. Personal Information: This section collects details about the debtor, such as their name, address, social security number, and contact information. 2. Employment and Income: Here, the debtor needs to provide information about their current employment status, including the name and address of their employer. They must also disclose their sources of income, including wages, self-employment earnings, rental income, or any other form of regular income. 3. Personal Property: This section requires the debtor to list all personal property they own, including real estate, vehicles, bank accounts, investments, jewelry, and other valuable assets. Debts secured by these assets, such as mortgages or auto loans, should also be included. 4. Financial Accounts and Interest: This portion calls for the disclosure of all financial accounts, including checking, savings, money market, brokerage, and retirement accounts. The debtor must also report any ownership interest in businesses or partnerships. 5. Current Expenditures: In this section, the debtor must outline their monthly living expenses, including rent, utilities, insurance, education costs, healthcare expenses, childcare, transportation, and other regular expenditures. 6. Related Entities: If the debtor has any affiliated entities, such as partnerships, corporations, or LCS, they must disclose the details of these entities, including their names, addresses, and the nature of the relationship. 7. Financial Transactions: This section requires the debtor to report certain financial transactions, such as transfers of property or assets, payments made to creditors within a specified period, and any other significant financial activities. It is important to note that bankruptcy forms can vary by jurisdiction. Although the Illinois Statement of Financial Affairs — Form 7 is a standard form used in Illinois, the specific requirements and format may differ in other states. Thus, it is essential to consult the appropriate bankruptcy court or seek legal advice to ensure compliance with the correct form and filing requirements.
Illinois Statement of Financial Affairs - Form 7
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How to fill out Illinois Statement Of Financial Affairs - Form 7?
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Form 122A-1: Chapter 7 Statement of Your Current Monthly Income. Form 122A-1 focuses on your marital and filing status, as well as your monthly income as compared to your state's median income.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
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.
The filing fee for Chapter 7 is $335, and the cost for filing Chapter 13 is $310. DebtStoppers is the only firm in Illinois that will advance the court your Chapter 7 filing fee, allowing you to get the relief you need at no upfront cost to you.
Additional Property Exemptions Necessary clothing. Title certificate for a boat over 12 feet in length. Bibles. School books. Family photos. Health aids. Proceeds from the sale of exempt property. Illinois College Savings Pool or ABLE accounts.
? income can vary month to month, and the means test finds the average. Your figure should include not only your wages, but also rental income, child support, alimony, pension or other regular monthly income. Social Security income does not count.
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.