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

What Is Official Form 107?

This is a legal form that was released by the United States Bankruptcy Court on April 1, 2016 and used country-wide. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 107?
A: Form 107 is the Official Statement of Financial Affairs for individuals filing for bankruptcy.

Q: Who needs to fill out Form 107?
A: Individuals who are filing for bankruptcy need to fill out Form 107.

Q: What information is required on Form 107?
A: Form 107 requires individuals to provide detailed information about their financial affairs, including income, expenses, assets, and liabilities.

Q: Is Form 107 required for both Chapter 7 and Chapter 13 bankruptcy?
A: Yes, Form 107 is required for both Chapter 7 and Chapter 13 bankruptcy.

Q: What happens after I submit Form 107?
A: After submitting Form 107, it will be reviewed by the bankruptcy court and used to assess your financial situation as part of the bankruptcy process.

Q: Are there any fees associated with filing Form 107?
A: Fees for filing Form 107 may vary depending on the jurisdiction. It is best to check with the bankruptcy court for the applicable fees.

Q: Can I get help filling out Form 107?
A: Yes, you can seek assistance from a bankruptcy attorney or a legal aid organization to help you with filling out Form 107.

Q: What are the consequences of not filling out Form 107 accurately?
A: Not accurately filling out Form 107 can have serious consequences, including the dismissal of your bankruptcy case or potential penalties for providing false information.