Consumer Bankruptcy Journal Fall 2015 - Page 67

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 6, Answer These Questions for Reporting Purposes (line 16c), provides a text field for the debtor to describe the type of debts owed if the debtor believes they are neither primarily consumer or business debts. Additionally, the statistical administrative numbers in lines 19 and 20 have increased the maximum value to describe of the debtor’s assets and liabilities. REVISED – Line #16, replaces Nature of Debts from replaced Official Form 1. NEW – Line #16c adds a new form element to describe a debt owed that the debtor feels is neither primarily consumer or business debt. REVISED – Line #17 replaces Statistical / Administrative Information from replaced Official Form 1. REVISED – Line #18 replaces Estimated Number of Creditors from replaced Official Form 1. REVISED – Line #19 replaces Estimated Assets from replaced Official Form 1. REVISED – Line #20 replaces Estimated Liabilities from replaced Official Form 1. REVISED – Line #19 adds three additional checkboxes to document estimated assets worth between $1,000,000 and $50 Billion. © 2015 CINgroup. All Rights Reserved | CINgroup.com REVISED – Line #20 adds three additional checkboxes to document estimated liabilities worth between $1,000,000 and $50 Billion.