Consumer Bankruptcy Journal Fall 2015 - Page 104

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 2, Explain the Sources of Your Income, consolidates the questions regarding income, adding “wages, commissions, bonuses, tips” as a category for sources of income, and it eliminates the option to report income on a fiscal year basis. In addition, the form provides examples of types of “other income.” The time period is clarified to indicate that the prior two years means two calendar years, plus the portion of the calendar year in which the bankruptcy is filed. Question #4 was formerly question #1 on replaced Official Form 7. REVISED – The time period is clarified to indicate that the prior two years means two calendar years, plus the portion of the calendar year in which the bankruptcy is filed. Question #5 was formerly question #2 on replaced Official Form 7. © 2015 CINgroup. All Rights Reserved | CINgroup.com