unemployed 2+ years - how to describe income?

[bornfree2]

In a Chapter 7, what is best well to present as an unemployed for over 2 years on the forms?

In xmas, I did random labor cash jobs with no receipts for evidence
I received some money gifts from family via paypal

I understood a form to say i should take whatever money i recieved as a gift and divide it by 6 for monthly income, Then multiply by 12 for yearly income. The result was <10k so below means test

What about any assets i sold off last year to try to pay rent? Do i include those as income?

tldr; confused on how to declare income as someone unemployed for long period for time and recieved cash gifts from friends and sold some assets along the way

[justbroke]

Selling an asset is not income. I think you have everything else okay. Remember, to be income it has to be regular. A one-time gift shouldn't necessarily count as income. If your family regularly gave you gifts, even if the amounts were irregular but the gift was regular, then it should count as income.

[bornfree2]

The gifts were on 3 seperate occasions from one person and twice from another. It was during the start of the pandemic, then at birthday, xmas, and this year.

Selling the assets was not a one time thing as i sold stuff along the year to cover rent as a i could.

Is there a place, other than the scant description of the form, that specifically defines what counts as income? Like i said i followed their instructions to list gifts i received and mark it as income. But if there is anything from past cases, trustee guidelines etc on this, that would be helpful.

Lastly, is it okay for me to look for work now or will that complicate my income 'picture'. I would be going for min wage jobs cause my career was derailed as i am picking myself up. If i got a job will the income i receive AFTER i file be property of the trustee?

[justbroke]

I would say that those are not regular gifts. Especially since most of them are tied to a holiday or other annual event.

Selling your assets is not income unless you regular sell and for a profit.

The definition of income is in the bankruptcy code in 11 USC 101 and I'll repeat it here. Please understand that the term "income" is actually not defined in the bankruptcy code. But they do defined "current monthly income" as listed below.

"current monthly income" means the average monthly income from all sources that the debtor receives (or in a joint case the debtor and the debtor’s spouse receive) without regard to whether such income is taxable income, derived during the 6-month period ...

...includes any amount paid by any entity other than the debtor (or in a joint case the debtor and the debtor’s spouse), on a regular basis for the household expenses of the debtor or the debtor’s dependents (and in a joint case the debtor’s spouse if not otherwise a dependent)...

(emphasis added is mine)

Lastly, is it okay for me to look for work now or will that complicate my income 'picture'. I would be going for min wage jobs cause my career was derailed as i am picking myself up. If i got a job will the income i receive AFTER i file be property of the trustee?

it's always okay to look for work. There's no way to tell if it could affect you because much depends on a.) when you actual file your petition, and/or b.) the new job income exceeds the median income for your State. It's pretty difficult to exceed the median-income working random minimum wage jobs. Unless you obtain a job now, and then file 6 months later, the affect would be more pronounced as that income would be in the 6-month lookback period (e.g. current monthly income as defined above).

Take care of yourself. Get a minimum wage and/or part-time job to support yourself. Don't worry about the bankruptcy since I don't personally think such a job would have any impact. Especially in California with the high median income.

[flashoflight]

Take care of yourself. Get a minimum wage and/or part-time job to support yourself. Don't worry about the bankruptcy since I don't personally think such a job would have any impact. Especially in California with the high median income.

This. Get a job or multiple jobs that pays enough to support yourself first. That job will help support you after the bankruptcy.

Then file the bankruptcy.

You got your priorities mixed up. You need to do both, but the job needs to happen first.

[bornfree2]

This. Get a job or multiple jobs that pays enough to support yourself first. That job will help support you after the bankruptcy.

Then file the bankruptcy.

You got your priorities mixed up. You need to do both, but the job needs to happen first.

yes. i need to do both. I need to look for jobs in earnest. This will help balance off the obssession with the BK for now. And i need small wins. A job, after so long without one, would quite honestly be best thing to change my outlook and energy.

"ITS POSSIBLE" - Les Brown https://soundcloud.com/mind-innovati...vational-video