Consumer Bankruptcy Journal Fall 2015 - Page 108

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 107was formerly Official Form 7, Statement of Financial Affairs. New Form Elements: Part 5, List Certain Gifts and Contributions, changes the reporting threshold to $600 per person or charity and increases the look-back period from one to two years. REVISED – Question #13 increases the look-back period from one to two years. REVISED - Questions #13 & #14 were both formerly components of question #7 on replaced Official Form 7. REVISED – Question #13 increases the reporting threshold to $600 per person or charity. Formerly, the reporting threshold was $200 per person and $100 per charity. © 2015 CINgroup. All Rights Reserved | CINgroup.com