Sauk Village Bankruptcy Lawyer On The Budget For Filers

Bankruptcy clients must mention any sources of income they receive.  And again, if they come into the free consultation with a recent paycheck stubs, this is a great help for us.  But besides paycheck stubs from employment, we also need any sources of income, not just employment.  For example, if they receive social security payments for them or for a dependent, we will also need this information listed.  If they receive help from family members, this also needs to be listed.  If they receive a link card or food stamps, this is considered income for bankruptcy qualification purposes.  Another issue is if a debtor is filing an individual case but he or she is married and the spouse is bringing in income; we need to list the spouse’s income as well because it’s part of the household income, even though the spouse is not filing for bankruptcy.  So, any and all sources of income need to be listed for the filer and the spouse.
The next important equation for the budget is the person’s list of monthly expenses.    This would include stuff such as bills, like electric bills, water, heating bills, mortgage payments, car payments, as well as items such as clothing, laundry, things of that nature.  One thing to keep in mind, is when it comes to bills like electric bills or anything of that nature, is if a client’s bill is significantly higher than which is deemed average, the client will most likely need to bring proof that he or she actually spends this much per month on bills.  Another item that can be added to the expense budget and one in which many clients tend to forget about or not even think about is that of cigarettes.  So, if they smoke, they can include cigarette expenses as a monthly expense.  Let’s look at auto maintenance; if they have an old car they can include the expenses used to maintain the auto.  If they have kids, consider the yearly costs of school supplies and divide by twelve.  If they donate money to their church, synagogue, or mosque, then they can also include that as listed under charity as well.  So there are a lot of expenses that the client can include that the client may not necessarily think of right off the bat.

Sauk Village Bankruptcy Lawyer or call directly (847) 520-8100 and speak with David Siegel.