Bankruptcy Law/Schedule I

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Expert: - 8/15/2011


Question
Hello,
My husband and I have filed Ch.7 w/o an attorney and we are awaiting our 341 hearing. We reside in Riverside Co. CA. My question is about the schedule I. Our gross take home is exactly what we entered on schedule I, but the tax deductions have changed from what is listed. The difference is $30.30 so that our actual net take home is $30.30 more than what we listed. This difference does not change the fact the we do not need to take the means test, and it does not change the fact that we are still in the negative on schedule J. So, do we need to submit a new schedule I the the court and the trustee?

Thank you.

Answer
No, there is no need to amend for that.  The amount that is actually withheld from your paychecks is largely irrelevant anyway.  It's the amount you're SUPPOSED to be withholding that is relevant (for example, you could withhold 100% of your income and show that you have zero net income, but that obviously wouldn't be proper because you'd be creating a potential tax refund for yourself that would be both income and an asset of your bankruptcy estate).

Mark J. Markus, Attorney at Law
Handling exclusively bankruptcy law cases in California since 1991.
http://www.bklaw.com/
Follow Me on Twitter:  @bklawr  

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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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Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

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  • business bankruptcy,
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    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

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    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

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    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

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    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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