Lawyer or pro se
What is the statement of financial affairs in a bankruptcy case?
The statement of financial affairs is Form 107, a detailed form with a series of questions about a person's financial history over certain periods before filing, such as sources of income, transfers of property and lawsuits by creditors. Every individual in a bankruptcy case must fill it out. It ends with a signature under penalty of perjury that the answers are true and correct.1 2 3
Get the Pro Se GuideThe schedules describe where your finances stand. This form describes what happened before you filed. Here is what it covers, why it exists and where the official instructions are. It does not tell you how to answer any question.
General information, not legal advice. Rules and amounts change; check with a lawyer or the court before you act.
In this guide
How is it different from the schedules?
The schedules are a snapshot. Schedule I gives monthly income as of the date the form is filed, and Schedule A/B reports property at its value as of the filing date.1
The statement of financial affairs looks backward: the official instructions call it a summary of financial history over certain periods before filing. Some questions overlap with the schedules, and all of the forms must still be filled out completely.1 2
It is filed on the same timetable as the schedules: with the petition or within 14 days after the petition is filed.4
What does the form cover?
The table follows the parts of the official form. Each lookback period runs back from the day you file, and the form itself is the place to read each question in full.
| Subject | What the form asks about, and how far back |
|---|---|
| Where you lived3 | Where you lived during the last 3 years, and whether within the last 8 years you lived with a spouse in a community property state. |
| Income3 | Income from work or a business, and other income, for this year and the two previous calendar years. |
| Payments to creditors3 | On the April 2025 version, each creditor paid a total of $600 or more in the 90 days before filing when your debts are mainly consumer debts. Support payments and your bankruptcy lawyer are left out. |
| Payments to insiders3 5 6 7 8 | Whether within 1 year before filing you made a payment on a debt owed to an insider, such as a relative. |
| Legal actions3 | Whether within 1 year before filing you were a party in a lawsuit, and repossessions, foreclosures and garnishments. |
| Gifts and losses3 | Certain gifts and contributions, and losses from theft, fire, other disaster or gambling within 1 year before filing or since. |
| Transfers3 | Property sold, traded or otherwise transferred outside the ordinary course within 2 years, and transfers to a self-settled trust within 10 years. |
| Help with the bankruptcy3 | Payments within 1 year to anyone consulted about seeking bankruptcy or preparing a petition. |
| Accounts and storage3 | Financial accounts closed, sold, moved or transferred within 1 year, safe deposit boxes, storage units and property you hold for someone else. |
| Business3 1 2 | Connections to a business within 4 years before filing. Sole proprietors, partners and self-employed professionals include business and personal activity. |
Why does the form ask about payments and transfers?
Because the trustee can act on them. A Chapter 7 trustee's duties include investigating the debtor's financial affairs, and this form is where that history is laid out.9 10 5
A trustee has avoiding powers to recover money or property for the estate. They include setting aside certain payments made to creditors within 90 days before the petition, or within one year when the creditor was an insider, and transfers made within 2 years before filing with intent to hinder, delay or defraud creditors or, in certain circumstances, for less than reasonably equivalent value.5 6 7 8
For an individual debtor, insider includes a relative. That is why repaying a family member before filing is something the form asks about. Whether a particular payment or transfer could be recovered depends on details the statute sets out, and is a question for a lawyer.5 6 7 8
What does signing it mean?
The form ends with a signature under penalty of perjury that the answers are true and correct. The form warns that a false statement, concealed property or fraud in a bankruptcy case can result in fines up to $250,000, imprisonment for up to 20 years, or both. If two married people file together, both are equally responsible for supplying correct information.3
The Bankruptcy Code ties honesty to the discharge itself. The court may deny a Chapter 7 discharge for reasons that include transferring or concealing property with intent to hinder, delay or defraud a creditor, concealing or destroying financial records, and knowingly and fraudulently making a false oath or account in the case.11 12
How is the form used later in the case?
It follows the filer into the rest of the case.
- At the meeting of creditors, the debtor answers questions under oath about the bankruptcy paperwork, and may also be asked about property, debts, income and expenses.13
- It is public. Anyone has a right to see a filer's bankruptcy forms unless the court orders otherwise.1
- It can be corrected. A debtor may amend a statement at any time before the case is closed, with notice to the trustee and any affected entity.14
Where are the official instructions, and who can help?
The form and the federal courts' instruction booklet for individual filers are free on the courts' website. The booklet says its instructions are not legal advice and that the filer is responsible for properly completing the forms.15 1
A filer who is unsure how a past payment, transfer or sale fits these questions has a legal question, and petition preparers may only enter information into forms. The federal courts strongly recommend advice from a qualified attorney, and say people who cannot afford one may qualify for free legal services.16 15 1 17
Common questions
Is the statement of financial affairs the same as the schedules?
No. It is a separate form, Form 107, about financial history over certain periods before filing. Some questions are similar to the schedules, and the instructions say all of the forms must still be filled out completely.1 2
How far back does the statement of financial affairs go?
It depends on the question. Most look back 1 year, transfers of property 2 years, business connections 4 years and transfers to a self-settled trust 10 years. Payments to ordinary creditors look back 90 days.3
Why does it ask about payments to relatives?
For an individual debtor, insider includes a relative, and a trustee's avoiding powers include setting aside certain payments to creditors made within one year before the petition when the creditor was an insider.5 6 7 8
When is it due?
With the petition or within 14 days after the petition is filed. The court may extend the time on motion and for cause.4
Sources
Official courts & government references- Instructions: Bankruptcy Forms for Individuals, rev. April 2025 (uscourts.gov)
- Glossary of Legal Terms (uscourts.gov)
- Official Form 107, Statement of Financial Affairs for Individuals Filing for Bankruptcy, 04/25 (uscourts.gov)
- Rule 1007(c). Lists, Schedules, Statements, and Other Documents; Time to File (Cornell LII)
- Chapter 7 - Bankruptcy Basics (uscourts.gov)
- 11 U.S. Code § 547(b)(4) (Cornell LII)
- 11 U.S. Code § 548(a)(1) (Cornell LII)
- 11 U.S. Code § 101(31) (Cornell LII)
- 11 U.S. Code § 521(a)(3) (Cornell LII)
- 11 U.S. Code § 704(a)(4) (Cornell LII)
- 11 U.S. Code § 727(a) (Cornell LII)
- Discharge in Bankruptcy - Bankruptcy Basics (uscourts.gov)
- U.S. Trustee Program: Section 341 Meeting of Creditors
- Rule 1009. Amending a Voluntary Petition, List, Schedule, or Statement (Cornell LII)
- Filing Without an Attorney (uscourts.gov)
- 11 U.S. Code § 110(a)(1) (Cornell LII)
- U.S. Trustee Program: Means Testing (justice.gov)