Statement of Financial Condition

A Statement of Financial Condition is a legal document filed by a debtor in a bankruptcy case to provide a detailed overview of their financial situation at the time of filing. The statement typically includes information about the debtor’s assets, liabilities, income, expenses, and other financial matters. The purpose of the statement is to provide the bankruptcy court, the trustee, and creditors with a clear and accurate picture of the debtor’s financial condition and to help determine the appropriate course of action in the bankruptcy case. The Statement of Financial Condition is filed under penalty of perjury, and debtors have a legal obligation to provide complete and accurate information to the best of their knowledge. Failure to do so may result in criminal penalties or other sanctions.