In bankruptcy, Schedule I is used to provide your income information to the trustee. It is filed with your other schedules and your Statement of Financial Affairs. At or before your creditors’ meeting, your earning information will be verified by the Chapter 13 Trustee.
Employer Information
At the top of Schedule I, you will list your employer’s name, address, and length of employment. You will also provide your marital status, spouse’s employment information, and your dependents’ information, if you have any. However, if dependents are included, they may only be listed with the initial of their first name; the complete name may not be disclosed. You will be providing your spouse’s income in the column provided for that purpose, if you are married.
Income and Deductions
Your salary, wage and commission information, as well as your spouse’s information is provided in the first section of Schedule I. For the most part, this is income from employment. You will also subtract all deductions that come out of your paycheck, such as insurance, taxes, and union dues and list them on this schedule. From this you will determine your net pay that you take home every month and enter it in the line provided for yourself and your spouse.
Other Income
You will also list all other sources of income. This includes earnings from the operation of a business, retirement pay, real estate income or any other source of revenue. If you have income from the operation of a business, you must also provide a detailed summary. With this information complete, you will total the income for the month for yourself and your spouse from all sources.
Anticipated Changes
You are also required to disclose any anticipated changes you expect to take place in the following year, such as changing jobs or any other increase or decrease in income.
Schedule J
The income total from Schedule I will be included in the summary section of Schedule J to exhibit your disposable income. In a Chapter 13 bankruptcy, you must show that you have adequate funds to pay your Chapter 13 payment plan. However, if you have more disposable income than is needed, you may be required to pay more to your creditors.
When to Talk to a Lawyer
Bankruptcy is a very concise area of law. It is very beneficial to seek the advice of a bankruptcy attorney if you are unsure about the process or how to complete forms for filing.
