Consumer Bankruptcy Journal Fall 2015 - Page 110

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 7, List Certain Payments or Transfers, question #16 regarding payments or transfers to anyone who was consulted about seeking bankruptcy or preparing a bankruptcy petition requires the email or website address of the person who was paid, as well as the name of the person who made the payment if it was not the debtor. There is a separate question asked about payments or transfers to anyone who promised to help the debtor deal with creditors or make payments to creditors. Also, the debtor must list any transfers of property, outright or for security purposes, made within two years of filing for bankruptcy, unless the transfer was made in the ordinary course of the debtor’s business. There is a reminder not to list gifts or other transfers already included elsewhere on the form. The question regarding self-settled trusts adds an explanation that such trusts are often referred to as asset-protection devices. NEW – Part 7, questions #16, #17, #18 and #19 now require the email or website of the person who was paid, as well as the name of the person who made the payment if it was not the debtor. REVISED - Question #17 was formerly question #9 on replaced Official Form 7. REVISED - Question #18 was formerly question #10a on replaced Official Form 7. NEW - Part 7, questions #16, #17, #18 and #19 the debtor must list any transfers of property, outright or for security purposes, made within two years of filing for bankruptcy. © 2015 CINgroup. All Rights Reserved | CINgroup.com