What Is a Fact Information Sheet in a Post-Judgment Scenario?

Civil court is a world of its own. It has its own rules, norms, and procedures. Even the vocabulary is foreign to those of us who do not spend a lot of time in the system. Take the Fact Information Sheet in a post-judgment scenario. Do you know what it is? Do you know its purpose? If not, don’t worry. Most people have no idea.

A fact information sheet is essentially a financial disclosure form. In most jurisdictions, a judgment debtor is required to complete the sheet as part of the post-judgment discovery process. In a few jurisdictions, judgment creditors informally ask debtors to complete the sheet without court compulsion.

Its General Purpose and Concept

Although details of the fact information sheet vary from one state to the next, the concept behind it is fairly uniform. The document gives a creditor a structured, sworn snapshot of the debtor’s financial position. The fact information sheet is often utilized before more aggressive and costly discovery methods are employed. Sometimes it becomes a complete substitute for those other methods.

Without information from a fact information sheet, a creditor might have to depose the debtor. Depositions cost money, both in terms of court filings and paying for an attorney’s time. Conversely, the fact information sheet costs little to nothing.

Interestingly, the fact information sheet is most often utilized for small claims cases, small business collections, and other similar cases. But it can be used in any civil case for which a monetary award is included.

The Legal Framework

States with laws that recognize the fact information sheet tend to have a framework for the document built into their civil procedures. For example, state law may dictate that a debtor has only 30-45 days to complete and return the sheet. That same state’s laws might dictate that the fact information sheet is automatic. In other words, a creditor doesn’t have to ask for it. The debtor is compelled to complete and submit the form within the allotted amount of time following entry of the judgment.

What the Form Usually Contains

The fact information sheet is presented to the debtor in paper or electronic form. It is usually very specific in terms of the information requested. Judgment Collectors, a Salt Lake City, Utah collection agency that works on money judgments in nearly a dozen states, says that the forms can look slightly different across multiple jurisdictions. As a general rule, the form requests the following:

• Identity and Contact Info – Legal name, any aliases, address, phone, and email.
• Household – Marital status, dependents living at home, etc.
• Employment and Income – Employer name and address, job title, wages and pay frequency, etc.
• Non-employment Income – Income from activities not considered traditional employment.
• Banking and Cash Assets – Bank names and addresses, account numbers, current balances, etc.
• Real Estate – All exclusive or co-owned real properties along with their addresses, estimated value, etc.
• Vehicles – Years, makes, models, and VINs of titled properties like cars, trucks, motorcycles, boats, and RVs.
• Business Interests – Ownership or financial interests in corporations, LLCs, partnerships, sole proprietorships, etc.
• Financial Investments – Stocks, bonds, mutual funds, brokerage accounts, retirement accounts, etc.
• Debts and Obligations – Existing debts including mortgages, car loans, student loans, and tax debts.
• Transfers and Transactions – Information about any recent property transfers or large financial transactions.

From the creditor’s standpoint, more information is better. Since the point of the fact information sheet is to fully apprise the creditor of the debtor’s finances, a creditor generally wants to know everything. The debtor is expected to furnish all relevant information truthfully and in a timely manner.