SBA Form 770 Financial Statement of Debtor

SBA Form 770 Instructions

The form consists of 35 questions and is distributed without any SBA-provided instructions. The word NONE should be entered for any question that is not applicable.

1. Items 1 through 23 require providing the Debtor's personal data. The required information includes the Debtor's name, SBA loan number, date of birth, address, employment information, a list of income sources, a list of fixed monthly expenses and information about any dependents the Debtor has.
2. Item 24 provides a detailed list of all possible assets and liabilities. The cost of all assets should be estimated at fair market value and rounded up to the nearest dollar.
3. Item 25 lists all current payable loans with their dates, original amounts and present balance.
4. Items 26 and 27 are used for providing information about any real estate that the Debtor owns.
5. Item 28 lists the Debtor's life insurance policies.
6. Item 29 is for listing all real estate and personal property owned by the Debtor's dependents and spouse.
7. Item 30 is used to list all transfers of property and cash made by the Debtor over the previous three years.
8. Items 31 through 33 are filled out if the Debtor is a participant in a lawsuit, a trustee, executor, an administrator or a beneficiary under an inheritance or trust.
9. Items 34 and 35 specify the date when the Debtor will be able to start making payments to the SBA and the amount they will be able to pay out monthly.

After completing the form, the Debtor has to carefully read the information at the bottom of the form before signing and dating it.