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How to Fill Out a Personal Financial Statement in 8 Simple Steps

Wondering how to fill out a personal financial statement? When you're filling out this document, it's crucial to understand how to do it correctly. Filling out the document correctly can keep you from having to go back and do it again.

In this article, we will give you a step-by-step guide to filling it out. By the end of the guide, you'll be able to complete and submit the required paperwork.

 personal financial statement

Personal financial statement

1. General Information

Much like other forms that you've ever filled out, when beginning an SBA Form 413, you'll need to have all your basic information easily accessible to fill out the application. The information that you'll need is your name, address, and other contact information.

You'll also need to notate your marital status on the form, if you're married. Your spouse's financial information should be listed as well. Ensure that you date your application accurately because the paperwork needs to be filed within 90 days of your loan application.

Before beginning the application, all your information needs to be up to date. If it's not up to date, you may experience some issues with your application.

2. Asset Information

The next piece of information that you need to add to the application is the information that pertains to your assets. In the assets section, you'll detail information about the assets that you own, including:

  • Real estate properties
  • Bonds and stocks
  • IRA accounts
  • Bank accounts

Other asset fields are on the application, but you'll only fill out the spaces that apply to you.

If you own any stocks or bonds, you'll need to list the current value of all the accounts combined. If you or your spouse owns real estate, then you'll need to list the value of the properties that you all currently own.

This field asks for the value of all the assets under you or your spouse's name. At the end of this section, you'll provide the total for everything that's listed above.

3. Liability Information

All that's required in this section is to round all your asset information up to the nearest dollar amount. You'll total all the debt that you owe and subtract the amount you've gotten from that total from your assets.

Once you've subtracted this number, you'll have figured the total of your net worth. From there, you'll combine your total liabilities and net worth.

4. Income Sources

When you arrive at this section, you'll need to give information about the salary earned by you and your spouse if they are currently working. The salary that you list on your paperwork should be the same as the information that you provide on your tax returns for the year.

The next part that you'll list is the income that you achieve from all your investments. This would mean investments that you've made from stocks, bonds, real estate ventures, etc. In terms of real estate income, you'll also need to provide information about the money you earned from your real estate properties after necessary expenses have been spent.

5. Contingent Liabilities

Contingent liabilities refer to the debt that you've got to cover. If you or your spouse were a co-signor or guarantor for someone else's loan, that should be in this section.

If you've gone to court and had to file legal claims, you'll need to list the balance of any outstanding legal fees that you've got. It's also crucial to list judgments that were handed out in these claim cases.

Another item that needs to be listed in this section is the amount of money that you save every year to pay your taxes. Any other debts you have under your name or your spouse's name will need to go under this section.

6. Life Insurance

It's assumed that if you and your spouse have life insurance, you'll have the information for the policy number and name that you're paying for. When you provide the information for the policy under this section of the form, you'll give the total amount of your current life insurance policy.

You'll also need to detail the insurance company that you've taken out your policy with as well as the name of any beneficiaries that you've listed on the policy form.

7. Read Authorization Statements

You're in the home stretch of the application now. All that's left for you to do is sign all the authorization statements on the form. The certification statement is a short paragraph that needs to be read thoroughly before signing it.

Once you're ready to sign the document, you'll provide your name, today's date, and your social security number. Then after filling in all this information, all that's left to do is sign the form.

8. Review

Now, after all that has taken place, you need to review your documents. You'll need to ensure that all the information you've provided on the application is correct and accurate. Also, the information that your spouse has given to you to put in the application needs a lookover for accurateness.

If any of the information on the application is false or left out, you could face fines and other penalties. You may also have to complete the entire application again. Therefore, it saves you time and effort, providing all the necessary information the first time.

How to Fill Out a Personal Financial Statement Made Easy

When answering the question of how to fill out a personal financial statement, the guide that we provided above is the best way to get the application done quickly and correctly. When you're a small business owner and you're looking to resolve your debt after filling out the form, you need to hire an attorney to help you.

If you're looking for SBA services to help you get the debt relief you're looking for, check out the services offered on our website. Let us get you the help that you're looking for without the hassle.

We are here to help you with your SBA loan problems.

If you owe more than $30,000, call our experienced attorneys at (833) 428-0933 anytime for a Free Case Evaluation