Consumer Bankruptcy Journal Fall 2015 - Page 107

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 4, Identify Legal Actions, Repossessions, and Foreclosures, consolidates questions regarding actions against the debtor’s property. The form provides examples of legal actions, and it requires the debtor to indicate the status of any action. The form adds the requirements that a debtor include any property levied within a year of filing for bankruptcy and that the debtor provide the last four digits of any account number for any setoffs. Also, a debtor must list any assignment for the benefit of creditors made within one year of filing for bankruptcy. REVISED - Question #9 was formerly question #4a on replaced Official Form 7. REVISED - Question #10 was formerly question #4b and 5 on replaced Official Form 7. © 2015 CINgroup. All Rights Reserved |