Bankruptcy for an Individual

Please make certain this information is accurate!

Please complete this financial Information. Remember that we are basing all information on the form you filled out earlier, as supplemented by this information. WARNING: TO AVOID LOSING YOUR INFORMATION DO NOT TURN OFF YOUR COMPUTER OR LEAVE THIS SITE UNTIL THE FORM IS SUBMITTED (YOU WILL RECEIVE A CONFIRMATION WHEN IT IS SUBMITTED). PLEASE NOTE - WE DO NOT HAVE ACCESS TO ANY INFORMATION UNTIL THE FORM IS SUBMITTED.

Financial Information & Monthly Budget

This form details how much you spend each month for basic living expenses. Be sure to include the MONTHLY (not yearly) amount for these expenses. In Arizona your utility bill is probably higher in the summer than the winter. Therefore take an average covering the last 12-month period. If you are married and your spouse does not reside with you please make a spreadsheet of their expenses and send them to our office. Make sure to include your name on the spreadsheet.

All income must be GROSS (before taxes and other deductions).

List income from each employer separately.

List all income in the month it was received, not the month it was due.

Include tips and bonuses in the month they were received.

If you receive a commission, list the amount earned in the month it was received.

Other income:

If income is earned as a sole proprietor - list all income in the month received.

If you receive a salary from your own company list that income in the month you receive it, not when the business received it.

Include retirement income.

Include disability income ; BUT MAKE SURE TO IDENTIFY IF IT IS SOCIAL SECURITY DISABILITY

Include Social Security, BUT MAKE SURE TO IDENTIFY IT AS SOCIAL SECURITY

Include all monies received from any source, including cashing in retirement accounts, sales of large items and tax refunds, etc. Identify the source.

RENTS: include money from rents (after deducting amount paid for mortgage/HOA/utilities, etc).

If someone is living with you - include their net income even if they do not give it to you. To calculate net income deduct their own expenses such as: taxes, insurance, expenses related to vehicles, medical, credit cards, student loans, other housing, business debts, etc.

Include all monies regularly received from gifts or loans from friends or relatives.

The income must be for a full month; therefore use the last full 6 months, do not include the current month.

It is better to list everything and then we can remove what does not apply to your situation.

NOW STOP!

Finish the following page ONLY if your average gross income (ANNUAL income before taxes and other deductions) exceeds the amount permitted for the number of people that live in your home. Normally that means the number of people you deduct on your tax returns, but there are always exceptions. The more accurate job you do here the more accurate legal advice I can give you.

For now include income for everyone who lives in your home. Prepare an explanation if your family has unusual income. Do not include anyone’s social security income as part of the following calculation.

Instructions for the following questions:

IMPORTANT: The following expenses are monthly, not annual and not per pay check.

These questions pertain NOT to what you were actually paid or received over the last six months. Instead, these are for expenses you will spend or should spend in the future. In other words, unlike income this is a forward looking review of your expenses.

(e.g.: what is the correct amount you should be deducting from your paycheck(s). Or, if you want but do not have life insurance, disability insurance, or health savings plan, etc. Make sure you talk to Diane about this.

Include all expenses, those deducted from your paychecks AND those that you pay directly in cash or by check.