Bankruptcy Law/schedule j

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Expert: - 11/21/2008


Question
In filling for bankruptcy, should schedule J (current expenditures)and I (current income)include expenses and income before or after bankruptcy. For example, I own a rental home and receive income and pay mortgage and should mortgae payment and rental income be included if I want to surrender it? Also, what if I'm receiving rental income but not paying mortgage?

Answer
They are supposed to be a snapshot of the figures on the date the case is filed, but there is also a place at the bottom of each form to indicate any changes that are to occur within the next 12 months that deviate from the figures you put down.

If you're surrendering a property, I would leave it off of Schedules I&J, but it's not incorrect to include it so long as you explain at the bottom of the form that those incomes/expenses will not be continuing post-filing.  

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

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