Consumer Bankruptcy Journal Fall 2015 - Page 105

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 3, List Certain Payments You Made Before You Filed for Bankruptcy, includes questions related to payments made in the 90 days prior to bankruptcy, with a separate question for payments made to insiders within one year before filing for bankruptcy. The statutory definition of consumer debt is provided. The question regarding the nature of the debtor’s