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Bankruptcy Budget, Bankruptcy Lawyer Buffalo NY

Bankruptcy Budget

What is the Budget?

When you file for Bankruptcy you will be required to file certain schedules. Among the schedules are Schedules I and J. Together, Schedules I and J make up the Budget. These Schedules are used to determine the debtor's Disposable Income.

Schedule I is where the debtor sets forth family income. The debtor's monthly income is determined by taking the Gross Income less payroll deductions including medical insurance, and payments to pension plans.

Schedule J is where the debtor sets forth family expenses. The debtor's monthly expenses are determined by adding together all of the debtor's necessary monthly expenses. The payments for unsecured debt are not included in the expense list.

Once the Schedules are complete, your lawyer will calculate the debtor's Disposable Income by subtracting the total on Schedule J from the total on Schedule I.

If the debtor's disposable income is very low the debtor may qualify for a Chapter 7. If the debtor's disposable income is high the debtor may be forced to file a Chapter 13.

by: Bankruptcy Lawyer Buffalo NY

If you want to file for Bankruptcy to get a fresh start, and are searching for an experienced Bankruptcy Attorney, look no further.

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Please call (716)-656-7676 or CONTACT US for your free consultation. The first consultation is always free, and you will always speak directly to Stephen K. Underwood.

Stephen K. Underwood, Bankruptcy Attorney
1395 Union Road West Seneca, NY 14224
Phone: 716-656-7676 URL of Map