How To Calculate Your Income for Your Bankruptcy Forms if You’re Self-Employed
If you are 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 gross income, which is the total amount of money you earned from all sources before any deductions were made. To calculate your gross income, add up all of your revenue streams for the year, including any money you made from side jobs or freelance work. Once you have your gross income figure, you will need to subtract any business expenses that are considered necessary and ordinary. These expenses can include things like office supplies, cost of goods sold, and travel expenses related to your business. The resulting figure is your net income, which is what you will use on your bankruptcy forms.
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