Statement Of Financial Affairs Law and Legal Definition

In the context of Bankrutcy, this is a statement that a individual or corporate debtor is required to file. It is a statement of financial affairs which gives information about the recent financial transactions of a debtor. It includes information about payment to creditors, sources of income, transfer of property, law suit filed by creditors and gifts made by the debtor. In Statement of financial affairs a debtor must give answers to a series of questions in writing regarding their financial transactions. The questions contained in the statement of financial affairs are mostly self explanatory.