How To Calculate Your Income for Your Bankruptcy Forms if You’re Self-Employed

If you're self-employed and considering bankruptcy, you may be wondering how to calculate your income for the bankruptcy forms. The first step is to determine your average monthly income over the last six months. This can be done by looking at your bank statements and tax returns.

Once you have your average monthly income, you'll need to subtract any business expenses that are not considered personal living expenses. These expenses could include things like rent or mortgage payments, car payments, and utilities. What's left is your net income, which is what you'll use to fill out the bankruptcy forms.

If you're self-employed and considering bankruptcy, calculating your income for the bankruptcy forms can seem daunting. But with a little bit of effort, it's not as difficult as it may seem.

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