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 3, List Certain Payments You Made Before You Filed for Bankruptcy, includes questions related to payments
made in the 90 days prior to bankruptcy, with a separate question for payments made to insiders within one year
before filing for bankruptcy. The statutory definition of consumer debt is provided. The question regarding the
nature of the debtor’s