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.
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.
Section 8 - Weekly Expenses
This section addresses Weekly Expenses. Note that this section is different from Section 11, which addresses Liabilities, such as credit cards and student loan debt. It is a good idea to look through all the categories in this section, before filling them in. If someone else in your household pays part of the listed expenses, only write down the amount that you actually pay.
If some of your expenses, such as Rent, are paid monthly, you can divide the amount by 4.3, to get the weekly total. If any of the categories don’t apply to you, you can write in “0”.
Some categories, such as House Supplies, Laundry, and Cleaning, and Incidental and Toiletries sound very similar. It may be helpful to list separately how much you pay for items such as laundry detergent, cleaning supplies, shampoo, soap, etc., and allocate them among those three categories, so there is no overlap.
Some items like clothing, you may purchase seasonally and for yourself and/or other household members. It may be easier to think of how much you spend on clothing in a year and divide it by 52.
Line M for Medical Insurance is for how much you pay toward your health insurance (again, divided into a weekly amount). If your medical insurance comes out of your paycheck, and you have already identified this in Paragraph 3, you will not list it again in this section.
Line N below it (Uninsured Medicals) is for any amount you have paid toward co-payments and deductibles that your insurance did not cover. This includes dental care, therapy, medicine (such as cough medicine, aspirin, vitamins). If you do not have medical insurance, this line should show all of your medical expenses.
Line P for Motor Vehicle Expenses addresses repairs and maintenance costs for your car, which include things like gas, EZ pass, and oil changes. This does not include car loan payments, which go on line Q (Motor Vehicle Payment).
There could be many expenses not accounted for in this section. Line S for Other can include (but is not limited to) other expenses not already included:
Ubers, Internet, Restaurants, Vacations, Public Transportation, Entertainment
Please note, if you have accounted for expenses on Schedule A or Schedule B, you must not list those same expenses here.
Line T: Total weekly Expenses: Add all amounts on lines A through S and write the total amount on this line.