Statement of Financial Affairs: Question 5

This is the fifth in a series of blogs about the Statement of Financial Affairs and the questions it asks.

Question 5 of the Statement of Financial Affairs asks for information about repossessions, foreclosures and returns. What needs to be listed here?

* Foreclosures;

* Repossessions;

* Deeds in Lieu of foreclosure;

* Voluntary repossessions;

* Returns.

If you are married, you need to include this information for your spouse, even if he or she is not filing.

You need the name and address of the creditor, the date of seizure, and a description and value of the property seized. An example would be:

(For a Motor Vehicle)

ABC Car Loan Company
123 Main Street
Commerce, NV 12345
May 19, 2009 [date of seizure]
1999 Chevrolet Chevette [description of what was seized]
$350.00 [value of property seized]

(For a Foreclosure)

ABC Mortgage Loan Company
123 Main Street
Commerce, NV 12345
May 19, 2009
5 Homestead Drive
Greenbelt, MD 20770 [description of what was seized]
$350,000.00 [value of property at time of foreclosure]

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