How to Fill Out and File Form 207: Statement of Financial Affairs

To fill out Form 207, the Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy, you work through 14 parts and 32 questions covering your business’s revenue, payments, transfers, lawsuits, and insider dealings for look-back periods that range from 90 days to six years before the petition date. An authorized representative signs under penalty of perjury, and the completed form must reach the bankruptcy court within 14 days of filing the petition.¹

The current version is dated April 2025 and is available from the United States Courts website.²

Who Uses Form 207

Form 207 is for non-individual debtors: corporations, limited liability companies, general and limited partnerships, professional associations, and joint ventures. Individuals filing personal bankruptcy use Official Form 107 instead. The same Form 207 applies whether the business is liquidating under Chapter 7, reorganizing under Chapter 11, or restructuring as a family farmer under Chapter 12. Chapter 9 municipal cases are exempt from the statement-of-financial-affairs requirement unless the court orders otherwise.¹

Pull These Records Before You Open the Form

Because the form reaches back as far as six years, assembling records up front is the difference between a day of work and a week of it. The documents you need line up with the look-back windows the form uses:

Revenue records for the current fiscal year and the two prior fiscal years: tax returns, profit-and-loss statements, and general ledgers covering both business and non-business income.
Payment records for the 90 days before filing: bank statements, check registers, and accounts-payable ledgers showing payments to any single creditor that aggregate to $8,575 or more.³
Insider payment records for the full year before filing: salary, bonuses, loan repayments, and distributions to officers, directors, managing members, general partners, controlling shareholders, and their relatives.
Litigation files for the year before filing: lawsuits, administrative proceedings, government audits, executions, and attachments.
Property transfer records for the two years before filing: any transfer of money or property outside the ordinary course of business.
Casualty and loss records for the year before filing: insurance claims, police reports, and documentation of fire, theft, or similar events.
Bookkeeper and accountant information for the two years before filing: names, addresses, and engagement periods.
Business interest, consolidated tax group, and pension contribution records for the six years before filing.

Working Through the 14 Parts

Answer every question. If a question doesn’t apply, mark it “None.” A blank answer invites a deficiency notice from the court or questions from the trustee.

Part 1: Income

Questions 1 and 2 report gross revenue for three periods: year-to-date through the filing date, the full prior fiscal year, and the year before that. Report business revenue separately from non-business revenue (investment income, rent, proceeds from asset sales outside normal operations), using gross figures before deductions.⁴

Part 2: Transfers Before Filing

This is the section a trustee reads first, because preferential transfers and insider deals show up here.

Question 3 lists every payment or transfer to a creditor within 90 days of filing where the total to that creditor hit $8,575 or more. Regular employee compensation is excluded; expense reimbursements are not, so a reimbursement to a vendor who is also a creditor counts toward the threshold.³

Question 4 extends the window to a full year for anything that benefited an insider. For a corporation, insiders include officers, directors, anyone in control of the company, and all of their relatives. For a partnership, insiders include general partners, their relatives, and affiliates holding at least 20 percent of the debtor’s voting securities. The definition is open-ended, so a lender who effectively controls the debtor’s decisions can also qualify.⁴

Questions 5 and 6 cover repossessions, foreclosures, returns of property, and setoffs where a creditor applied a balance it held against a debt the debtor owed.

Parts 3 Through 6: Legal Actions, Gifts, Losses, and Other Transfers

Part 3 (Questions 7–8) asks about lawsuits, administrative proceedings, government audits, executions, and attachments within the year before filing, plus any assignments for the benefit of creditors or receiverships. Part 4 (Question 9) covers gifts and charitable contributions above $1,000 per recipient during the two years before filing. Part 5 (Question 10) captures fire, theft, and casualty losses within the past year. Part 6 (Questions 11–13) covers payments related to the bankruptcy itself, self-settled trusts where the debtor is a beneficiary, and any other transfers of property outside the ordinary course of business within two years before filing that weren’t already listed.

Parts 7 Through 11: Addresses, Health Care, Personal Data, Accounts, and Property You Hold

Part 7 (Question 14) lists previous business addresses. Part 8 (Question 15) applies only to health-care businesses and asks about patient records. Part 9 (Questions 16–17) asks whether the business collects personally identifiable information from customers and whether employees took part in any ERISA, 401(k), 403(b), or other pension or profit-sharing plan within the past six years. Part 10 (Questions 18–20) covers recently closed financial accounts, safe deposit boxes, and off-premises storage. Part 11 (Question 21) covers property the debtor holds or controls but doesn’t own.

Part 12: Environmental Information

Questions 22 through 24 report environmental proceedings, government notices alleging contamination or pollution liability, and any releases of hazardous material the debtor reported to a government agency. The form defines environmental law broadly, reaching any statute or regulation on pollution, contamination, or hazardous substances in air, land, or water. Part 12 has no time limit. You report all known environmental matters regardless of when they occurred.⁴

Part 13: Business Details and Connections

Part 13 is the longest section, running Questions 25 through 32. It covers other businesses the debtor owned or controlled within six years, bookkeepers and auditors who worked on the books within two years, the most recent inventory, current and former officers and directors, every payment or distribution to insiders within the past year, consolidated tax group memberships going back six years, and pension fund contribution obligations over the same period.⁴

Part 14: Signature

An authorized representative of the business signs and dates the form. That means an officer, director, or managing member with actual authority, not a hired attorney. The declaration confirms, under penalty of perjury, that the signer has examined the information and has a reasonable belief it is true and correct. Non-individual debtors also file Official Form 202, the Declaration Under Penalty of Perjury for Non-Individual Debtors, as the formal verification for the statement and all accompanying schedules.⁵

Filing the Completed Form

Attorneys submit Form 207 through the federal Case Management/Electronic Case Files (CM/ECF) system, registering for access with each court where they practice. A business proceeding without an attorney (uncommon, and not permitted in many districts) can deliver or mail the form to the clerk’s office at the bankruptcy court where the petition was filed.

The deadline is 14 days from the initial petition unless the court grants an extension.¹ Once filed, the form becomes part of the case record, available to the trustee, creditors, and other parties in interest.

Asking for More Time

If 14 days is not enough to assemble the records, file a motion for an extension before the deadline runs. Filing the motion in time tolls the deadline while the court considers it. The motion needs to show cause, which usually means an emergency filing or books complex enough to require longer than two weeks. Serve notice on the Office of the United States Trustee for the district where the case is pending.

Missing the deadline without a pending motion is a different problem. The U.S. Trustee can move to dismiss the case under Federal Rule of Bankruptcy Procedure 1017, with a hearing required before the court acts.⁶ Many courts issue a deficiency notice and short grace period first, but that’s not something to plan around.

Amending the Statement

Under Federal Rule of Bankruptcy Procedure 1009, a debtor may amend the Statement of Financial Affairs any time before the case closes. Give notice to the trustee and any affected entity; the clerk forwards a copy to the U.S. Trustee.⁷ Amendments to schedules of creditors carry a $34 filing fee, which a judge can waive for cause.⁸ Whether the fee applies to amendments of the statement itself is worth confirming with your local clerk, since the fee schedule language addresses schedules and creditor lists. A party in interest, usually a creditor, can also file a motion asking the court to order an amendment after notice and a hearing.

Catching an error and correcting it on your own looks far better to the trustee than having it surface at the meeting of creditors.

What the Trustee Does With It

The trustee uses Form 207 as the roadmap for the 341 meeting, named after the Bankruptcy Code section that requires it. An authorized representative of the business appears under oath and answers questions. Expect close attention to large payments to insiders shortly before filing, property moved outside the ordinary course of business, recently closed bank accounts, and any gap between reported revenue and reported assets. Creditors attend too, and they ask their own questions. If answers conflict with the form, or a creditor identifies an undisclosed transfer, the trustee can investigate and pursue avoidance actions to pull assets back into the bankruptcy estate.

Concealing assets, making false statements, or withholding records in a bankruptcy case is a federal crime under 18 U.S.C. § 152, with penalties of up to five years in prison, a fine, or both.⁹ The declaration on Form 207 is a federal oath, and the trustee treats it that way.

1
Cornell Law Institute. Federal Rules of Bankruptcy Procedure Rule 1007
2
United States Courts. Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy
3
Federal Register. Adjustment of Certain Dollar Amounts Applicable to Bankruptcy Cases
4
United States Courts. Statement of Financial Affairs for Non-Individuals Filing for Bankruptcy
5
United States Courts. Declaration Under Penalty of Perjury for Non-Individual Debtors
6
Cornell Law Institute. Federal Rules of Bankruptcy Procedure Rule 1017
7
Cornell Law Institute. Federal Rules of Bankruptcy Procedure Rule 1009
8
United States Courts. Bankruptcy Court Miscellaneous Fee Schedule
9
Office of the Law Revision Counsel. 18 U.S. Code 152 – Concealment of Assets; False Oaths and Claims