Every debtor in a bankruptcy proceeding must file schedules and a statement of financial affairs, or “SOFA” disclosing financial information about the debtor as of its petition date. There are different forms of each depending on whether the debtor is an individual person or a business.
In its schedules, a debtor must list its specific assets, liabilities, and other key information about its business, such as existing executory contracts and unexpired leases, and the identity of any co-debtors it may have.
In its SOFA, a debtor must make additional disclosures about its business financial history, including information about prepetition transfers of assets, income earned in the years preceding the bankruptcy, pending legal actions, and other relevant financial information. The SOFA dives into your financial matters so that the court can fully grasp the financial situation causing you to file.
Together, the schedules and SOFA create a financial “snapshot” of a debtor as of its petition date.