HomeHow To Fill Out A Personal Financial Statement In 8 Simple Steps

How To Fill Out A Personal Financial Statement In 8 Simple Steps

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This simply isn’t true. Business debt is a problem which CAN be handled, just like everything else; but only if you take pro-active steps. Lawscape helps you understand the law, and works with you to make sure that business debt isn’t the end of your business. 

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Alright, let’s dive right into your query about personal financial statements! You need to keep this simple and precise; think of it just like fitting the pieces of a puzzle. It might seem a bit tricky at first, but don’t you worry; once you’ve got these steps down, it’s a walk in the park!

Personal Financial Statement

The Personal Financial Statement usually initiates with

General Information

You can think of this as your introduction. Use the SBA Form 413 as a clear guideline. Here, you need to provide all your basic details, just like in any form—name, address, contact info, and so on. Do you remember your matrimonial status? That should be included too! If you’re part of a power couple, your partner’s financial details would have to be mentioned as well. Your application should be dated correctly, and please note that this needs to be submitted within 90 days of your loan application. It’s important that you keep all your information updated; stale data might serve up some hiccups in the application process.

Asset Information

Next up, you need to display the fruits of your achievements! This section would require the details of your assets—real estate properties, stocks and bonds, IRA accounts, or bank accounts—it’s like a virtual tour of your empire. If you own stocks or bonds, consider adding up the current value of all the accounts, like you’re preparing a balance sheet. Real estate owners should mark down the value of their properties. Remember, only assets that belong to either you or your spouse should be included here.

Liability Information

This section is like your boxing ring, where you’ll square off your assets and liability details and calculate your total net worth.

Income Sources

Once you reach this part, lay out all your income sources. If your spouse is employed, their salary details should be included as well. Did you know that you could add income from your investments? Yes, this can include earning from assets like stocks, bonds, real estate, and more. Make sure all these details tally with the numbers on your tax returns for the year.

Contingent Liabilities

Here, you’ll take a stroll through your debts. If you’ve stood as a loan guarantor or co-signor, you’ll need to account for these details in this section. This should also take into account any legal fees or judgments from court cases. You’ll also need to jot down your annual tax saving amount and any other debts to your name or your spouse’s.

Life Insurance

If you have a life insurance policy, summarize the necessary details here, like the policy number and name, total current policy amount, and the name of the insurance company. Also, mention the beneficiaries as listed on the policy form.

Read Authorization Statements

You’re nearing the finish line! Now all you need to do is sign off on all the authorization statements in the form. But remember to read and understand these statements before signing them. It’s time now to step back, take a deep breath and review everything now!


This is your final checkpoint. Take this opportunity to scrutinize all the data you’ve provided in the application. It’s important that everything is accurate, including the information your spouse has provided. Any false or omitted information could result in penalties, or worse, a do-over! So save yourself some valuable time and make sure all bases are covered the first time round.

Wrapping up: How to Fill Out a Personal Financial Statement Made Simple

Filling out a personal financial statement doesn’t have to be a nail-biting process. Stick to the guide mentioned above and you’ll be zipping through it in no time. As a small business owner, hiring an attorney like Lawscape of Lawscape would be a wise first step, especially if you’re aiming to address your debt following this process.

SBA services can offer the debt relief assistance you might require. Check out Lawscape services that make navigating this complicated maze much easier for you.

Enlisting The Lawscape’s Expertise

Trusting the Lawscape can help you resolve SBA debts via Offer in Compromise and Negotiated Repayment Agreements, without the need for filing bankruptcy or the fear of home foreclosure. They can also proficiently handle Treasury debts through methods such as AWG Hearings, Treasury Offset Program Resolution, Cross-servicing Disputes, and more without any significant burden on their clients.

Their team of professional attorneys are duly authorized to represent Federal Debtors across the nation before the SBA, the SBA Office of Hearings and Appeals, the Treasury Department, and the Bureau of Fiscal Service. By availing of their services, you’re putting years of exceptional experience and expertise in your corner.

Lawscape Can Help You Manage Your Business Debt

If you’re struggling with business debt, we can help you understand your situation. During the initial consultation, we’ll go over the contract, and other legal documents you signed. After that, our firm will work with you to get a better understanding of your situation, and help you come up with a game plan that keeps your business alive. 

We Handle It All


Merchant Cash Advance


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Unsecured Business Debt

Everyone has different types of business debt. What matters is that you take it seriously. Regardless of whether it’s secured, or unsecured, you need to work with a firm that understands how to negotiate, reduce, settle, and manage, this business debt. 

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