SUMMARY INTERIM ASSET REPORT When to Complete Form 3
Trustees are required to file a Summary Interim Asset Report (Form 3) at least every 180 days, unless the United States Trustee requires that it be filed more frequently. Form 3 is a summary listing of pending asset cases. It lists each case that is either expected to be or declared to be an asset case by the trustee, each case in which the trustee has received funds of the estate, and 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 ï½§ 341(a) meeting. If the final account (TDR) or no-asset report was approved by the United States Trustee, or the 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. Cases are entered in sequence by case number.
Many of the entries on Form 3 are made from the Individual Estate Property Record and Report (Form 1) and the Estate Cash Receipts and Disbursements Record (Form 2). The key to preparing an accurate Form 3 is to make sure that Forms 1 and 2 are accurate and up-to-date for each case that is required to be included on Form 3. These Forms should be carefully reviewed and updated before Form 3 is prepared.
How to Complete Form 3
The trustee should enter the trustee's name, period ending date, blanket bond amount, and per case limit. The dollar amount of the blanket bond should be entered in the heading and not the word "blanket."
Column 1: Case No.
Column 1 records the bankruptcy case number.
Column 2: Case Name
Column 2 records the complete name of each debtor, including a DBA or AKA, if needed to identify the debtor.
Column 3: Date Filed (f) or Converted (c) to Chapter 7
Column 3 records the later of the date the case was filed under chapter 7 or the date the case converted to chapter 7. The letter (f) for the filing date or the letter (c) for the conversion date is to be entered beside the appropriate date in Column 3.
Column 4: Total Funds on Deposit or Invested (from Form 2)
Column 4 contains the balance of funds on hand in all estate bank accounts as of the end of the reporting period. This total is obtained from the last page of all Form 2s.
Column 5: Amount of Separate Bond (if any)
Column 5 should list the amount of any separate/additional bond obtained in a case.
Column 6: Gross Value of Remaining Assets (from Form 1)
Column 6 should list the gross value of all remaining assets in each estate. This value is obtained from Column 6 on Form 1.
Column 7: Date of Estimated (e) or Actual Disposition
Column 7 contains the order entry date if the case was converted (C), dismissed (D), or reassigned (R). Otherwise, Column 7 contains the date of submission of the final report (TFR), final account (TDR), or no-asset report (report of no distribution or NDR). If the TFR has not been submitted, the estimated (e) TFR date should be shown.
Handbook for Chapter 7 Trustees
Page Last Updated on March 19, 1999.
United States Trustee Program/Department of Justice