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 your bankruptcy forms. Here are a few tips to help you get started.
First, you will need to gather your tax returns for the last two years. This will give you an idea of your average monthly income.
Next, you will need to add up all of your expenses for the last two years. This includes things like your mortgage or rent payment, car payment, credit card bills, and any other regular expenses.
Once you have your average monthly income and expenses figured out, you can begin to fill out your bankruptcy forms. On the forms, you will list your average monthly income and expenses as well as any assets and liabilities that you have.
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