Statement of Financial Affairs: Question 5

20 May 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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Brett Weiss, a senior partner at Chung & Press, LLC, represents people and businesses in all phases of bankruptcy. He has experience in complex individual Chapter 7, Chapter 11 and Chapter 13 bankruptcy cases, and in Chapter 11 small business restructuring and reorganization. Mr. Weiss lectures nationally on bankruptcy issues. He has testified before the Federal Bankruptcy Rules Committee, the Consumer Financial Protection Bureau, and has twice testified before Congress on bankruptcy and credit issues. Brett Weiss is the co-author of Chapter 11 for Individual Debtors, and has written Not Dead Yet: Bankruptcy After BAPCPA, for the Maryland Bar Journal, as well as hundreds of blogs for the Bankruptcy Law Network. With his law partner, he recorded a 13-hour basic bankruptcy training series, and leads intensive three-day Chapter 11 training boot camps. Mr. Weiss has received international media attention in connection with his work. He was interviewed by Barbara Walters on The View, has appeared on the Today Show, Good Morning America, ABC News with Peter Jennings, the Montel Williams Show, National Public Radio, AARP-TV, the BBC World Service, German state television, and numerous local radio and television programs, and been quoted in Money magazine, The Washington Post and The Baltimore Sun, among others. Brett Weiss is the Maryland State Chair for the National Association of Consumer Bankruptcy Attorneys, a founding member of the Bankruptcy Law Network, on the board of the Maryland State Bar Consumer Bankruptcy Council, and a member of the American Bankruptcy Institute, the Bankruptcy Bar Association of Maryland, and the Civil Justice Network. He has been recognized as a “Super Lawyer” every year since 2007 for Maryland and the District of Columbia, and in 2011 received the Distinguished Service Award from the National Association of Consumer Bankruptcy Attorneys for his work on behalf of consumers across the country. Mr. Weiss is admitted to practice before Maryland and District of Columbia federal and state courts, the United States Courts of Appeals for the DC, Fourth and Eighth Circuits, The United States Tax Court, and the Supreme Court of the United States, and has been practicing law since 1983.
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