Deck 15: Statement of Financial Affairs

Question 1

Attorney's fees are confidential and not listed in the petition.

Answer 1

False

Question 2

Which of the following are included in the Statement of Financial Affairs:

A) Prior addresses of the debtor.
B) Income earned for the year.
C) Income earned for the last two years.
D) Attorney's fees paid.
E) All of the above.

Answer 2

All of the above.

Question 3

Which of the following are included in the Statement of Financial Affairs:

A) Payments made to creditors exceeding $600 in the last ninety days.
B) Payments made to insiders.
C) Transfers of assets.
D) All of the above.

Answer 3

All of the above.

Question 4

Only lawsuits filed by the debtor against a third party is listed in SOFA.

Question 5

If the client is being sued by a creditor, that information is listed in SOFA and the creditor should also be listed in Schedule F

Question 6

Freddie recently fixed his roof because of water damage caused by a hurricane. If the funds were received from his home insurance company, that information is listed in the Statement of Financial Affairs.

Question 7

If a bank account is closed two months before filing bankruptcy and the balance in the account at the time was less than $100, that information is not required to be listed in SOFA so long as bank statements are provided to the bankruptcy trustee.

Question 8

So long as a foreclosure or repossession is listed as an unsecured creditor, it's not included in SOFA.

Question 9

YTD income is required in the Statement of Financial Affairs.

Question 10

The dates credit counseling and financial management were completed are listed in Section 5 of SOFA.

Question 11

SOFA requires that a debtor lists former residences dating back _______

A) 1 year.
B) 2 years.
C) 3 years.
D) 4 years.

Question 12

Which type of lawsuit is listed in SOFA?

A) Pending divorce cases.
B) Personal injury cases
C) Credit card lawsuits.
D) All of the above.
E) None of the above.

Question 13

Since qualifying for bankruptcy is based in part on income earned, non-taxable income such as child support is not included in SOFA.

Question 14

How many years of income are listed in the Statement of Financial Affairs?

Question 15

Describe an exemption for tools of the trade. If a tools of the trade exemption exists in your state, what is the exemption amount?