Consumer Bankruptcy Journal Fall 2015 | Page 106

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 debts requires the debtor to use checkboxes to indicate whether or not they are primarily
consumer debts. The form instructs debtors not to include payments for domestic support obligations in the
section regarding insider payments. The form provides a separate question regarding payments or transfers on
account of a debt that benefited an insider. For both questions regarding payments to insiders, the debtor is
required to provide a reason for the payment. Partnerships of which the debtor is a general partner have been
added to the examples of “insiders.”

REVISED - Question #7
was formerly question
#3c on replaced Official
Form 7.

New - Question #8 is
new.

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