§589b Bankruptcy Data

Summary

The Attorney General must create and keep up-to-date uniform forms for two kinds of bankruptcy reports: final reports by trustees in cases under subchapter V of chapter 11 and chapters 7, 12, and 13 of title 11, and regular (periodic) reports by debtors in possession or trustees in chapter 11 cases. The forms must be filed so the data can be collected easily and the public can see it, both at central filing locations and online. When making the forms, the Attorney General must balance public need for information, keeping the forms simple and not too burdensome, and protecting privacy. Final reports must show key case facts, including how long the case lasted; assets abandoned or exempted; money in and out; administration costs (including specific chapter 13 costs); claims filed and claims allowed; and what payments or discharges claimants received. For subchapter V and chapters 12 and 13, the reports must also show plan confirmation dates, any plan changes, and when the debtor failed to follow the plan. Periodic chapter 11 reports must include the borrower’s industry (as named by the Department of Commerce), time pending, number of full-time employees at the order for relief and at each report, recent and cumulative cash receipts, cash disbursements, and profitability, tax return/payment compliance since the order for relief, professional fees approved (recent and cumulative, with fees split between those that would have existed without bankruptcy and those that would not), and any reorganization plans and the recoveries for each class shown in dollars and as a percent of allowed claims.