What Is Your Monthly Income for Bankruptcy?

Bankruptcy Attorney Dayton, Oh

As you proceed through your bankruptcy petition you are going to find that many forms have to be filled out. These forms have to be detailed and filled out correctly and one of them will pertain to your current monthly income. This has to be completed as a part of the bankruptcy means test that will determine whether you qualify for the Chapter 7 bankruptcy relief.

For this purpose your current monthly income pertains to the income that you have received on an average in the last six months. The six months ends on the last day of the month preceding the date that you have filed for bankruptcy.

One of the other things that you’re going to discover with the bankruptcy filing is that there is different terminology that is applied that you need to be able to understand. This is one of the reasons why it is so important to utilize the services of an experienced bankruptcy attorney.

An example of this is what is called the look back period. The look back period refers to reviewing your income in the previous six months not looking at what you are currently earning at the moment.

Another term that can be confusing for you is the term derived. What this means is that you may have received money during that six month period but it was actually earned from a different time.
This form is crucial for the court system to determine what your income is. If you chose to fill it out without the guidance of a bankruptcy attorney in Dayton Ohio and make a mistake, you could be disqualified from applying for the Chapter 7 bankruptcy.

Contact us today for assistance in filing your bankruptcy the right way, the first time.

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