Completing Schedule I for Chapter 7

Schedule I is the bankruptcy form where your income is disclosed.  It conveys the amount of money the debtor earns, deductions taken from the pay, and other relevant information as well.  It is imperative that you provide accurate information on your schedules.  The Chapter 7 Trustee will verify your wage information.

Employer Information

At the top of Schedule I, you must provide your employer’s name, address, and length of employment.  In this section, you will also provide your marital status, spouse’s employment information, and your dependents’ information, if applicable.  If dependents are listed, however, they may only be noted with the initial of their first name; the complete name may not be disclosed.  If you are married, you will provide your spouse’s income in the column provided for that purpose.

Income and Deductions

The first section of Schedule I is to provide your salary, wage and commission information and that of your spouse.  For the most part, this is income from employment.  After this information, you will also list all deductions that come out of your paycheck, such as insurance, taxes, and union dues.  From this you will calculate your net monthly take home pay and enter it in the line provided for yourself and your spouse.

Other Income

In the next section, you will provide all other sources of income.  This includes real estate income, earnings from the operation of a business, retirement pay 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. 

Anticipated Changes

The final section on Schedule I is to disclose any anticipated changes within the year to come.  This may include the changing of a job, starting to receive social security or retirement income, or any other increase or decrease you expect to take place.

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 7 bankruptcy, you are not allowed to have excessive disposable income.  You are typically allowed to have less than $100 left over ever month.

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 compl