Consumer Bankruptcy Journal Fall 2015 - Page 102

Form Modernization Overview Official Form 107 Overview: Official Form 107, Statement of Financial Affairs for Individuals Filing for Bankruptcy, which applies only in cases of individual debtors, is revised in its entirety as part of the Forms Modernization Project. Form 107 was formerly Official Form 7, Statement of Financial Affairs. New Form Elements: Part 10, Give Details About Environmental Information, requires the debtor to list the case title and nature of the case for any judicial or administrative proceeding under any environmental law and to indicate the status of the case. Part 11, Give Details About Your Business or Connections to Any Business, If the debtor has a connection to a business, the debtor must list the name, address, nature, and Employer Identification number of the business, the dates the business existed, and the name of an accountant or bookkeeper for the business. Accounting information requested is truncated; the debtor is simply required to provide the name of the business bookkeeper or accountant. REVISED - Question #25 was formerly question #17b on replaced Official Form 7. REVISED - Question #26 was formerly question #17c on replaced Official Form 7. REVISED - Question #27 was formerly question #18 on replaced Official Form 7. REVISED - Question #27 only requires information about the previous four years, previously replaced Official Form 107 required the past six years of information. © 2015 CINgroup. All Rights Reserved | CINgroup.com