This video is intended only to provide general legal information about how to fill out a Short Form Financial Statement.
The information in this video is not intended to be relied upon as legal advice. For legal advice you should consult an attorney.
By continuing with this video, you are agreeing to the statement above.
[A sample Section 11 of a Short Form Financial Statement appears on screen.]
All questions in this section must be answered. Do not leave any blank lines and do not write N/A. If a line does not apply to you, simply put a zero.
This section will include all outstanding debt that you have, along with weekly payments that you are making towards this debt.
You should not list any expenses that you have already identified in weekly expenses.
Liabilities include credit cards, student loan debt, personal loan debt, and any other debt that you may have.
Creditor is the name of the person or institution you owe the money to. For instance, “Home Depot’ or “Fed Loans”
["Home Depot" is written in row a) under the "Creditor," and "Fed Loan" is written in row b) under the "Creditor" column.]
Nature of the Debt will be the kind of debt that is owed. For instance, for “Home Depot” you may list “credit card” or “consumer credit”. For “Fed Loans” you may write “student loan debt”.
["Credit Card" is written in row a) under the "Nature of Debt" column, and "Student load debt" is written in column b) under the "Nature of Debt" column.]
Date Incurred is the date that you opened the credit card or took out the loan. If you need to use your best guess, you may write “est” and estimate the year. If it is a credit card that you still use, you may write “on-going.”
["Ongoing" is written in column a) under the "Date Incurred" column, and "est 2019" is written in row b) under the "Date Incurred" column.]
Amount due is the current balance owed, not the credit limit on your card. You can find this information on credit card, bank, or student loan website.
["$150" is is written in row a) under the "Amount Due" column, and "$10,000" is written in row b) of the "Amount Due" column.]
Finally, the weekly payment. Since people generally pay liabilities monthly, take the monthly amount and divide by 4.3 to get your weekly amount.
["$34.88 is written in row a) under the "Weekly Payment" column, and "$116.28" is written in row b) under the "Weekly Payment" column.]
Total the “amount due” section and place at the bottom of the column.
[All four rows under the "Amount Due" column are circled in red, and a black arrow points to a field underneath as "$10,150" is written.]
Total the “weekly payment” section and place at the bottom of the column.
[All four rows under the "Weekly Payment" column are circled in red, and a black arrow points to a field underneath as "$151.16" is written.]
If you have additional liabilities, you may attach a separate piece of paper. Make sure to indicate that there is an additional paper that lists liabilities.
["Additional pages attached" is written below the Total Liabilities.]