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Consumer Bankruptcy Law and Practice: 7.3.8 The Statement of Financial Affairs (Official Form 107)

The statement of financial affairs (Official Form 107) is also required in both chapter 7 and chapter 13 cases.180 Every question must be answered, but the form is simple to fill out. Most questions have a box labeled “No” that should be checked if that is the appropriate response to a given question.

Spouses filing a joint petition may file a single statement. Debtors engaged in business must provide the requested information for all unincorporated businesses, as well as for their personal affairs.

Bankruptcy Basics: Annotations to Completed Sample Form 107

1. The statement of financial affairs (Official Form 107) is required to be completed by all individual debtors. 11 U.S.C. § 521(a)(1)(B)(iii); Fed. R. Bankr. P. 1007(b)(1). The form contains detailed questions that must be answered, but it is relatively simple to fill out. It is important to pay careful attention to the specific time period requested, as some questions ask for information about several different time periods. Most of the questions include a box labeled “no” which should be checked if that is the appropriate response to the given question.

Bankruptcy Basics: Official Form 107 Instructions

Statement of Financial Affairs for Individuals Filing for Bankruptcy (Official Form 107)

Your Statement of Financial Affairs for Individuals Filing for Bankruptcy, provides a summary of your financial history over certain periods of time before you file for bankruptcy. If you are an individual in a bankruptcy case, you must fill out this statement. 11 U.S.C. § 521(a) and Bankruptcy Rule 1007(b)(1).

Bankruptcy Basics: 2015 Advisory Committee Note on Form 107

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, making it easier to read and, as a result, likely to generate more complete and accurate responses. The goals of the Forms Modernization Project include improving the interface between technology and the forms so as to increase efficiency and reduce the need to produce the same information in multiple formats.

Bankruptcy Basics: 2012 Advisory Committee Note on Form 7

The definition of “insider” is amended to conform to the statutory definition of the term. See 11 U.S.C. § 101(31). Under the Code definition, ownership of 5% or more of the voting shares of a corporate debtor does not automatically make the owner an insider of the corporation. And in order to be an affiliate of the debtor and an insider on that basis, ownership or control of at least 20% of the outstanding voting securities of the debtor is required. 11 U.S.C. § 101(2). The phrase “any owner of 5% or more of the voting or equity securities” is therefore deleted.

Bankruptcy Basics: 2005–2007 Advisory Committee Note on Form 7

The form is amended in several ways to reflect changes in the Bankruptcy Code made by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat. 23 (April 20, 2005). A new sentence in the introduction advises the debtor not to disclose the name and address of any minor child in conformity with § 112, which was added to the Code by the 2005 Act.

Consumer Bankruptcy Law and Practice: 7.3.11 The Statement of Intention with Regard to Property Securing Consumer Debts (Official Form 108)

Another required document in chapter 7 cases is the statement of intention regarding debts secured by property of the estate and leased personal property.220 This document must state certain intentions of the debtor, as of the date of its filing, with regard to any property, real or personal, that serves as collateral for a debt. In addition, Official Form 108 requires the debtor to state the debtor’s intentions with respect to leases of personal property.

Consumer Bankruptcy Law and Practice: 11.4.2.1 Generally

Section 521 was amended in various respects by the 2005 amendments, and a number of related provisions were also enacted. The changes in statutory language arguably did nothing to change the result of earlier cases that held that a debtor could retain property subject to a security interest if the debtor remained current on payments and other contract obligations. Those cases were based on the plain language of the Code, which in all material respects is unchanged.

Bankruptcy Basics: About the Form

This is another document required in chapter 7 cases (but not in chapter 13 cases). 11 U.S.C. § 521(a)(2)(A). It states the intentions of the debtor, as of the date of its filing, with regard to any property, real or personal, that serves as collateral for a debt. This form also requires the debtor to state the debtor’s intentions with respect to leases of personal property.

Bankruptcy Basics: Annotations to Completed Sample Form 108

1. Another required document in chapter 7 cases (but not in chapter 13 cases) is the Statement of Intention (Official Form 108). 11 U.S.C. § 521(a)(2)(A); Fed. R. Bankr. P. 1007(b)(2). This document must state certain intentions of the debtor, as of the date of its filing, with regard to any property, real or personal, that serves as collateral for a debt. In addition this form requires the debtor to state the debtor’s intentions with respect to leases of personal property.

Bankruptcy Basics: Official Form 108 Instructions

Statement of Intention for Individuals Filing Under Chapter 7 (Official Form 108)

If you are filing under chapter 11, 12, or 13, do not fill out this form.

If you are an individual filing under chapter 7, you must fill out the Statement of Intention for Individuals Filing Under Chapter 7 (Official Form 108) if:

Bankruptcy Basics: 2015 Advisory Committee Note on Form 108

Official Form 108, Statement of Intention for Individuals Filing Under Chapter 7, is revised in its entirety as part of the Forms Modernization Project, making it easier to read and, as a result, likely to generate more complete and accurate responses. In addition, the form is renumbered, and stylistic changes are made throughout the form.

Bankruptcy Basics: 2008 Advisory Committee Note on Form 8

The form is amended to conform to § 362(h), which was added to the Code, and § 521(a)(2), which was amended, by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat. 23 (April 20, 2005), by expanding the questions directed to the debtor regarding leased personal property and property subject to security interests. The form is also amended and reformatted to require the debtor to complete a series of statements describing the property and setting out what actions the debtor intends to take for each listed asset.

Bankruptcy Basics: 2005 Advisory Committee Note on Form 8

The form is amended to conform to section 521(a)(6), which was added to the Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, Pub. L. No. 109-8, 119 Stat. 23 (April 20, 2005), by adding a section covering personal property subject to an unexpired lease and an option labeled “lease will be assumed pursuant to 11 U.S.C. § 362(h)(1)(A)” to the choices a debtor may make. The certification by a non-attorney bankruptcy petition preparer in the form is renamed a “declaration” and is amended to include material mandated by the 2005 amendments to § 110 of the Code.

Bankruptcy Basics: About the Form

In order to provide information about the presumption of abuse in chapter 7 and the debtor’s disposable income in chapter 13, the debtor must file the appropriate versions of Official Form 122. Fed. R. Bankr. P. 1007(b)(4).

Form 122A (formerly Form 22A) is now split into three forms:

Bankruptcy Basics: Annotations to Completed Sample Form 122A-1

1. In order to provide information about the presumption of abuse in chapter 7 and the debtor’s disposable income in chapter 13, the debtor must file the appropriate versions of Official Form 122. Fed. R. Bankr. P. 1007(b)(4). Official Forms 122A-1 and 122A-2 are used in chapter 7 cases and Official Forms 122C-1 and 122C-2 are used in chapter 13 cases. Debtors who do not have primarily consumer debts or who otherwise contend that they are exempt from means testing should prepare the separate supplement, Official Form 122A-1Supp, and file it with Official Form 122A-1.

Bankruptcy Basics: Official Form 122A Instructions

Note that this form was updated in April of 2020. The instructions below pertain to the prior version of this form.

Chapter 7 Statement of Your Current Monthly Income and Means Test Calculation (Official Forms 122A–1,122A-1Supp, and 122A–2)

If you are filing under chapter 11, 12, or 13, do not fill out this form.

Bankruptcy Basics: 2020-04 Advisory Committee Note on Form 122

Official Forms 122A-1, 122B, and 122C-1 are amended in response to the enactment of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), Pub. L. No. 116-136, 134 Stat. 281. That law modifies the definition of “current monthly income” in §101(10A) and the definition of “disposable income” in §1325(b)(2) to exclude “payments made under the Federal law relating to the national emergency declared by the President under the National Emergencies Act (50 U.S.C.

Bankruptcy Basics: 2015 Advisory Committee Note on Form 122

Official Forms 122A-1, 122A-1Supp, 122A-2, 122B, 122C-1, and 122C-2 are updated to comport with the form numbering style developed as part of the Forms Modernization Project. The forms are derived from Official Forms 22A-1, 22A-1Supp, 22A-2, 22B, 122C-1, and 22C-2.

Bankruptcy Basics: 2014 Advisory Committee Note on Form 22

Official Forms 22A-1, 22A-1Supp, 22A-2, 22C-1, and 22C-2 are new versions of the “means test” forms used by individuals in chapter 7 and 13, formerly Official Forms 22A and 22C. The original forms were substantially revised as part of the Forms Modernization Project. Official Form 22B, used by individuals in chapter 11, has also been revised as part of the project, which was designed so that the individuals completing the forms would do so more accurately and completely.

Bankruptcy Basics: 2010 Advisory Committee Note on Forms 22A, 22B, and 22C

Form 22A, lines 19A, 19B, 20A, and 20B, and Form 22C, lines 24A, 24B, 25A, and 25B, are amended to delete the terms “household” and “household size” and to replace them with “number of persons” or “family size.” Under § 707(b)(2)(A)(ii)(I) means test deductions for food, clothing, and other items and for health care are permitted to be taken in the amounts specified in the IRS National Standards. The IRS National Standards are based on numbers of persons, not household size. Similarly, the IRS Local Standards are based on family, not household, size.