Are you considering a bankruptcy filing? Are you interested in learning more about what this entails? If so, you should know that many of the official bankruptcy forms currently in use are being replaced with an effective date of December 1, 2015.
In 2008, the government began a project meant to modernize the bankruptcy system. This included the improvement of forms, as well as the interface between these forms and technology.
While this sounds like a simple change, it is anything but that. This is why it took seven years for the project to be completed and for the new forms to be rolled out for regular use.
Starting on December 1, the new forms will be used on all new cases. This means that all practitioners, such as attorneys, are expected to use these forms as opposed to the old ones.
A judge for the U.S. Bankruptcy Court for the Northern District of Ohio added the following:
"Don't assume the forms are the same as the old ones. Read the questions and the instructions."
A variety of changes were made, such as a new Form B101, new form for non-individual debtors, and a separate case opening form for individuals.
If bankruptcy is on your mind, if you have plans on filing in the near future, you will want to pay close attention to the date. Once December 1 comes and goes, the old bankruptcy forms should no longer be used. At that point, the court expects all filers to use the newest forms. This is important information whether you are filing with the help of an attorney or on your own.
Source: Bloomberg Business, "New Bankruptcy Forms Roll Out Effective Dec. 1," Diane Davis, Nov. 16, 2015