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LSDefine

Simple English definitions for legal terms

statement of affairs

Read a random definition: bankruptcy proceedings

A quick definition of statement of affairs:

A statement of affairs is a document that shows how much money a person or company has and how much they owe. It is like a report card for their finances. This document is usually prepared when someone is in financial trouble and needs to figure out how much they can pay back to their creditors. It shows the current value of their assets (things they own) and liabilities (things they owe) rather than what they originally paid for them.

A more thorough explanation:

A statement of affairs is a financial document that shows the immediate liquidation values of a company's assets and liabilities. It is usually prepared when the company is facing insolvency or bankruptcy.

For example, if a company is in financial trouble and needs to file for bankruptcy, it will prepare a statement of affairs to show its creditors how much money it owes and how much it can pay back. The statement will include a balance sheet that shows the current value of the company's assets and liabilities, rather than their historical costs.

Another example is when a person is going through a divorce and needs to divide their assets and liabilities with their spouse. They may prepare a statement of affairs to show the current value of their assets and liabilities, so that they can negotiate a fair settlement.

In both examples, the statement of affairs is used to show the current financial situation of the company or individual, and to help make important financial decisions.

statement of account | statement of cause of action

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General

General chat about the legal profession.
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join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
BulbasaurNoLikeCardio
7:51
@texaslawhopefully: best prices and only fast food that doesn't make me sick
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