What is a Form 3?

Form 3, also known as the Summary Interim Asset Report, is a summary listing of pending asset cases, shown in sequence by case number. It lists each case in which:

1. The trustee expects to, or has, declared the case to be an asset case;
2. The trustee is in possession of property or funds, or expects to receive property or funds; or
3. 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 341(a) meeting. Additional information is provided on page Forms – 1.

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.

When to Complete Form 3

Unless required more frequently, Trustees are required to file a Form 3 at least annually for submission to the United States Trustee as part of the interim report (also known as the Trustee Interim Report, or TIR).

How to Print Form 3

The U.S. Trustee Forms 1, 2 and 3 are grouped together in Trustee Suite and share a Parameters window (shown below) as well as additional Options (see the Form 1, 2 and 3 page of this Help File).

From the Trustee Suite Main Menu toolbar, choose ‘Reports’, which invokes the Print Reports screen, and click on the ‘UST Forms’ tab and click ‘Form 1, 2 and 3,’ which generates the Parameters for Forms 1, 2 and 3 screen as shown below.

Utilizing These Records

The trustee provides a TIR to the United States Trustee at least annually and upon request. The TIR consists of the Form 3, which is a summary listing of all pending asset cases (as defined above), a Form 1 for each listed case and a Form 2 for each case with an estate bank account. However, Forms 1 and 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 (TFR) was submitted for an asset case during the current or prior reporting period;
3. A TFR was filed for an asset case that was converted, dismissed or reassigned during the current reporting period; or
4. A no-asset report (NDR) was filed for an asset case during the current reporting period. Such cases need only be listed on Form 3. To illustrate, in each of the following instances, the case is listed on Form 3 for the current reporting period and omitted from future reporting periods, and Forms 1 and 2 are not required.
   1. A TDR is submitted to the United States Trustee during the current reporting period.
   2. An NDR is filed in a case that has been open longer than 60 days after the initial examination of the debtor at the 341(a) meeting.
   3. An NDR is filed in a case declared to be an asset case, even though the time elapsed since the initial examination of the debtor at the 341(a) meeting is 60 days or less.
   4. A case open longer than 60 days after the initial examination of the debtor at the 341(a) meeting is converted, dismissed or reassigned during the current reporting period.
   5. A case declared to be an asset case is converted, dismissed or reassigned during the current reporting period within 60 days of the initial examination of the debtor at the 341(a) meeting.

A Case is Not Listed on Form 3 if:

1. It is an open, no-asset case and the time elapsed since the initial examination of the debtor at the 341(a) meeting is 60 days or less.
2. An NDR is filed within 60 days of the initial examination of the debtor at the 341(a) meeting.
3. It is a no-asset case that is converted, dismissed or reassigned within 60 days of the initial examination of the debtor at the 341(a) meeting.

How to Complete Form 3

Complete Form 3 (shown below) as follows:

Header Information:

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, rather than using the word “blanket”.

Column 1: Case Number. Column 1 records the bankruptcy case number.

Column 2: Case Name. 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 letter 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 must be entered to the right of 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 lists the amount of any separate/additional bond obtained in a case.

Column 6: Gross Value of Remaining Assets (from Form 1). Column 6 lists 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.