Consumer Bankruptcy Journal Fall 2015 | Page 104

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 2, Explain the Sources of Your Income, consolidates the questions regarding income, adding “wages,
commissions, bonuses, tips” as a category for sources of income, and it eliminates the option to report income
on a fiscal year basis. In addition, the form provides examples of types of “other income.” The time period is
clarified to indicate that the prior two years means two calendar years, plus the portion of the calendar year in
which the bankruptcy is filed.
Question #4 was formerly
question #1 on replaced
Official Form 7.
REVISED – The time
period is clarified to
indicate that the prior
two years means two
calendar years, plus the
portion of the calendar
year in which the
bankruptcy is filed.

Question #5 was formerly
question #2 on replaced
Official Form 7.

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