Consumer Bankruptcy Journal Fall 2015 - Page 64

Form Modernization Overview Official Form 101 Overview: Official Form 101, Voluntary Petition for Individuals Filing for Bankruptcy, replaces Official Form 1, Voluntary Petition. New Form Elements: Part 3, Report About Any Businesses You Own as a Sole Proprietor, line 12, incorporates options from the “nature of business” box from page 1 of Official Form 1 that would apply to individual debtors, thus eliminating checkboxes for railroads and clearing banks. Part 3, line 13, also eliminates a checkbox to report whether a plan was filed with the petition, or if plan acceptances were solicited prepetition. Additionally, line 13 rephrases the question relating to whether a debtor filing under Chapter 11 is a small business debtor. REVISED – Line #12 now incorporates options from the “nature of business” box from page 1 of replaced Official Form 1 that would apply to individual debtors, eliminating checkboxes for railroads and clearing banks. REVISED - Line #13, also eliminates a checkbox to report whether a plan was filed with the petition, or if plan acceptances were solicited prepetition. Additionally, line 13 rephrases the question relating to whether a debtor filing under Chapter 11 is a small business debtor. © 2015 CINgroup. All Rights Reserved | CINgroup.com