Current and Ongoing Income (Bankruptcy Schedule I)

Schedule I of bankruptcy takes a look at current and ongoing income. This is expanding upon the information that was supplied in the means test and provides a snapshot for the trustee. Resist the urge to over or understate income as this will only send up a flag and potentially delay your discharge.

The Basics of Filling Out Bankruptcy Schedule I

All of the expenses are entered as a monthly payment. If you do not have an entry for that particular section, leave it blank or enter a zero. Either is acceptable. All income, regardless if it's hourly pay, government assistance or a small at-home business with little income, must be reported. It looks strange to be paying bills with no money coming in. If you're filing individually and have a partner or roommate that is covering your bills, you can enter them in the spouse column. This will not affect their situation. It's only to demonstrate to the trustee that there is someone else paying your bills for you.

Lines 1 and 2 - Current and Ongoing Income

Enter salary, commissions and hour wages for one month. Line 2 says to estimate your overtime, but if you've been paid all overtime for the month, enter the actual amount.

Line 3 through 6 - Payroll Deductions

Anything taken out of your check is required. Union dues, federal taxes, state taxes and any miscellaneous funds. You are required to enter all payroll deductions which aren't always broken down into a monthly average. Take the year-to-date total and divide it by the amount of months that preceded your filing. For example:  If you are filing in the month of May, take the year-to-date and divide it by five months to come up with a result. This provides an accurate amount at the time of filing since income can change. Subtract this from your monthly gross income to show net pay in the area provided.

Lines 7 through 13 - Other income

These entries deal with miscellaneous incomes.  If you have income from dividends, rental properties, a small business, enter them on the lines provided. Pensions and social security need to be listed. Alimony and maintenance are entered as well. These all must be entered even though they may have fallen under exemptions.

Lines 14 through 16 - Totals

Enter individual and combined totals where prompted and put the final amount on line 16. Those filing individual but married must enter the spousal income and add it into the total.

Line 17 - Increase or decrease of income

Provide a short statement of any anticipated changes to your income in the future. This can apply to bonuses, commissions or a pay raise. 

Consulting With A Bankruptcy Lawyer

There can be temptation to cheat on bankruptcy schedule I to make your situation look worse than it does. Don't do it. Talk to an experienced attorney who knows what you can and can't do. They will be able to look at your ongoing and current income and guide you through the correct type of bankruptcy.