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Who needs a Personal Financial Statement (PFS)?
Any individual applying for a bank loan needs to provide his/her personal financial statement to the bank. An applicant may apply for an extension of credit individually or jointly with another applicant.
What is the PFS for?
Before extending a loan to an applicant, the bank has to evaluate the financial condition of the potential borrower. The applicant’s financial statement provides the bank with the information it needs to make the evaluation.
Is the PFS accompanied by other forms?
You do not have to file any other form but this one.
When is PFS due?
You and your bank agree upon the date of filing.
How do I fill out PFS?
The Form contains some instructions on how to fill it; please read the instructions carefully before you start filling the form.
You should provide the following information:
(1) Personal information including name, address, social security number, information about you current and previous employment, dependents, marital status;
(2) Assets including cash; securities; life insurance cash value; mortgages and contracts held by you; homestead; other real estate; profit sharing & pension; retirement accounts, including IRA accounts; automobile; personal property; and other assets.
(3) Liabilities: short terms notes due to financial institutions; short term notes due to others; credit accounts and bills due; insurance loans; installment loans and contracts; mortgages on home; mortgages on other real estate; taxes; and other liabilities.
You will have to give detailed information concerning most of the items above, completing respective schedules.
You should also provide information about your annual income including salary, bonuses, commissions, dividends, interest, net real estate income.
The form requires you to answer the following questions:
Are you a co-maker, endorser or guarantor of any other person’s debt?
Are you a defendant in any suit or legal action?
Have you ever gone through bankruptcy or had a judgment against you?
Have you made a will?
Finally, you should sign and date the Form.
Where do I send PFS?
You should send your Personal Financial Statement to your bank.
What is personal financial statement?
A personal financial statement is a document or spreadsheet that outlines an individual's current financial position. It includes details such as a person's assets, liabilities, income and expenses. It is often used by individuals when applying for a loan, making a major purchase or for other financial planning purposes.
How to fill out personal financial statement?
1. Start by creating a list of all your assets, such as cash, stocks, bonds, real estate, and other investments. Include the estimated value of each item. 2. Then, create a list of all your liabilities, such as credit cards, student loans, mortgages, and other loans. Include the estimated amount due for each item. 3. Next, calculate your net worth by subtracting your total liabilities from your total assets. 4. Finally, fill out the personal financial statement. This requires providing specific information, such as your name, address, and date of birth. You will also need to provide information about your assets and liabilities, as well as your net worth. Follow the instructions on the form carefully and make sure to include all necessary information. Once you are finished, sign and date the form.
What is the purpose of personal financial statement?
The purpose of a personal financial statement is to provide a snapshot of an individual's financial health. It is used to show a person's assets, liabilities, and net worth at a given point in time. It is used by lenders and other organizations to assess a person's creditworthiness and financial stability. It can also be used by individuals to plan their financial goals and track their progress.
What is the penalty for the late filing of personal financial statement?
The penalty for the late filing of a personal financial statement depends on the applicable laws in the jurisdiction where the filing is required. Generally, late filing may be subject to administrative penalties, including fines, or may result in a suspension or revocation of professional licenses or other privileges.
Who is required to file personal financial statement?
Individuals who are required to file a personal financial statement typically include: 1. High-net-worth individuals: Individuals with significant assets or wealth are often required to submit a personal financial statement. This could include business owners, investors, or individuals with extensive investments or property. 2. Borrowers: Individuals applying for loans or credit may be asked to submit a personal financial statement as part of the loan application process. 3. Bankruptcy filers: Individuals filing for bankruptcy are often required to provide a personal financial statement as part of the bankruptcy proceedings. 4. Divorce proceedings: In cases of divorce, individuals may be required to file a personal financial statement to disclose their financial situation, assets, and liabilities. 5. Government officials and candidates: Some government officials or candidates may be required to submit a personal financial statement to disclose their financial interests and potential conflicts of interest. It is important to note that the specific requirement to file a personal financial statement can vary depending on the laws and regulations of different jurisdictions.
What information must be reported on personal financial statement?
The information that must be reported on a personal financial statement typically includes: 1. Personal information: Name, address, contact details, and social security number. 2. Assets: A detailed list of all your personal assets such as real estate, automobiles, cash and cash equivalents, investments, retirement accounts, and other valuable possessions. 3. Liabilities: A detailed list of all your personal liabilities such as mortgages, loans, credit card debt, student loans, and any other outstanding debts. 4. Income: A breakdown of your income from various sources such as employment, investments, rental properties, business income, and any other sources of revenue. 5. Expenses: A breakdown of your monthly expenses including rent or mortgage payments, utilities, insurance, food, transportation, entertainment, and any other regular expenses. 6. Net worth: Calculation of your net worth by subtracting your total liabilities from your total assets. 7. Personal financial ratios: Some personal financial statements may also include ratios such as debt-to-income ratio, current ratio, and other financial indicators that provide a snapshot of your financial health. It's important to note that the specific information required may vary based on the institution or organization that requests the personal financial statement.
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