Handbook For Chapter 7 Trustees: General Instructions

GENERAL INSTRUCTIONS
FOR INTERIM (180-DAY) REPORTS

This section describes the uniform financial record keeping and reporting system that the trustee must use. The system consists of three primary records: the Individual Estate Property Record and Report (Form 1), the Cash Receipts and Disbursements Record (Form 2), and the Summary Interim Asset Report (Form 3). Utilizing these records, the trustee must provide an interim report (also known as "180-day report" or "semi-annual report") to the United States Trustee at least every six months in the format prescribed herein.

This financial record keeping and reporting system applies to each chapter 7 asset case. A chapter 7 case is considered an asset case for the purposes of the record keeping and reporting requirements when either (1) the trustee is in possession of property or funds, or expects to receive property or funds, or (2) a no-asset report has not been filed with the United States Trustee and the court, and 60 days have passed since the initial examination of the debtor at the ァ 341(a) meeting.

To summarize:

1. At least every six months, each chapter 7 trustee must submit to the United States Trustee an interim report for each case that is either expected to be or declared to be an asset case by the trustee, for each case in which the trustee has received funds of the estate, and for each case in which a no-asset report has not been filed and 60 days have passed since the initial examination of the debtor at the ァ 341(a) meeting.

2.

The interim report consists of the Form 3, which is a summary listing of all pending asset cases, a Form 1 for each listed case, and a Form 2 for each case with an estate bank account. However, Form 1 and Form 2 do not need to be submitted if 1) a final account (TDR) was filed for an asset case during the current or prior reporting period, 2) a final report was filed for an asset case that was converted, dismissed, or reassigned during the current reporting period, or 3) a no-asset report (NDR) was filed for the case during the current reporting period. Such cases need only be listed on Form 3.

3.

If a final report (TFR) was filed for an asset case that was not converted, dismissed or reassigned during the period, Form 1 and Form 2 should continue to be submitted for the current and future reporting periods until the final account (TDR) is filed.

4.

If the final account (TDR) or no-asset report (NDR) was approved by the United States Trustee, or a case was converted, dismissed, or reassigned, during the current reporting period, the case is to be listed on Form 3 for that reporting period, but omitted from Form 3 for future reporting periods.

The interim report must be submitted to the United States Trustee no later than thirty days after the end of the reporting period. If the trustee cannot submit the report by the due date, the trustee should obtain a date specific extension in writing from the United States Trustee prior to the deadline. The United States Trustee will review the report within sixty days of receipt and provide a written notice of any deficiencies to the trustee. The noted deficiencies should be corrected within the requested time frame.

The trustee is required to use the current version of Forms 1, 2, and 3, as presented in this Handbook. Earlier versions, such as the pre-1992 Form 4, should not be utilized.



Handbook for Chapter 7 Trustees
Effective 10/1/98

Updated May 7, 2015

Was this page helpful?

Was this page helpful?
Yes No