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Consumer Debtor Financial Statement: the First Step to Debt Repayment on the Loan

Every time we have to take out a bank loan, we calculate our ability to repay this loan. Unfortunately, things do not always go the way we planned. There are times when we are unable to repay part of the loan and to meet its obligations. In this case, the first thing to do is file the Consumer debtor financial statement with the bank which gave us a loan. In response, the bank may offer an individual payment program to the debtor experiencing problems with loan repayment.

Who needs a Consumer debtor financial statement?

It the individual arranges a loan with a bank and at some point, cannot make a credit payment, the individual should complete a Consumer debtor financial statement. This statement is used if the debtor can’t pay off the sum of the credit to the creditor. If such a situation occurs, the debtor fills out this form and sends it to the bank which provided the credit or to the required financial institution.

What is the Consumer debtor financial statement for?

The bank uses the information provided in the form to determine the repayment schedule for the individual. If the financial entity sees the applicant has financial problems, they will offer an individual payment program.

What documents must accompany the Consumer debtor financial statement?

Attach the last year’s W-2 and 1099 forms to the Consumer debtor financial statement. Other documents may have to be added on request of the creditor.

When is the Consumer debtor financial statement due?

The statement must be completed when the applicant realizes that paying off the sum of the credit is impossible.

What information should be provided in the Consumer debtor financial statement?

The submitter should know that he declares this statement of assets, liabilities, and and other information under penalties of perjury — all information provided must be true, correct, and complete.
The debtor has to fill out the following sections in order to complete the form correctly:

  • Personal information (name, address, phone number, SSN, marital status, spouse’s SSN)
  • Personal information about the family and dependents (name, address and phone number of the next kin or relative)
  • Employment information
  • General financial information (bank accounts, charge accounts, safe deposit boxes, real property, life insurance, securities, taxes)
  • Assets and liabilities
  • Monthly income and expenses

The filler must complete all sections and blocks except the shaded areas.
The debtor and the spouse have to sign the form and date it.

What do I do with the Consumer debtor financial statement after its completion?

The signed statement is forwarded to the needed financial institution which usually is the bank which gave the loan to the person.