|
The Statement of Financial Affairs specifically inquires about the
existence of financial accounts owned by debtors, including those held
by legal title, and those in which a debtor may posses equitable
ownership, control, or influence. The term financial account is
construed expansively, and includes all ordinary accounts (checking,
savings, stock, investments, etc.). Also, the term financial account
includes accounts receivable from any third party, large or small, that
may result in asset distribution in the future. For example, an earnest
money contract that contains an option for future purchase, held in
escrow by a title company, is a financial account that must be disclosed
because the seller maintains a right of repurchase which potentially
results in cash proceeds that must be distributed upon demand.
|
