What do I have to Report as Income for Bankruptcy

When you file for bankruptcy, you must list your income on Schedule I, Form 22, and Statement of Affairs. Many people have questions about what exactly must be listed as income. Income may consist of any of the following:

-Wages, including salary, commissions, tips, allowances or other forms of compensation

-Interests and dividends, whether it is paid directly to you or to an account

-Income from self-employment

-Rental Income

-Pensions, including social security, IRAs, 401k's, etc

-Child support or alimony

-Other income such as royalties, gambling winnings, sales of property, payments from a trust account, etc

Because your income information is required to either qualify for bankruptcy or get your bankruptcy plan approved by the court, it is essential that you list your income correctly.

Categories: Chapter 13, Chapter 7