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LSDefine

Simple English definitions for legal terms

statement of financial affairs

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A quick definition of statement of financial affairs:

A statement of financial affairs is a document that someone who owes money (either an individual or a company) has to fill out. It asks questions about their financial situation, like if they've gone bankrupt before, where they have bank accounts, and how much money they owe. This helps the people they owe money to understand their current financial status.

A more thorough explanation:

A statement of financial affairs is a document that must be filed by an individual or a corporate debtor when filing for bankruptcy. This document provides information about the debtor's past and present financial status, including any previous bankruptcy, current accounts, and outstanding debts.

For example, if a person files for bankruptcy, they must submit a statement of financial affairs that includes details about their income, expenses, assets, and liabilities. This document helps the bankruptcy court determine the debtor's ability to pay off their debts and make a fair decision about their case.

Another example is when a company files for bankruptcy. In this case, the statement of financial affairs would include information about the company's financial history, such as any previous bankruptcies, current accounts, and outstanding debts. This document helps the bankruptcy court determine the company's financial situation and make a decision about how to proceed with the bankruptcy case.

statement of facts | statement of financial condition

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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