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Schedule I with Varying Income?

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    Schedule I with Varying Income?

    I have a question about the schedule I form.

    I was originally planning to use my 6 month average from the means test on my schedule I but I third guessed myself (I already second guessed. lol). Schedule I says to estimate average projected monthly income.
    Due to the nature of my job my income varies (sometimes small or big changes). I am not allowed overtime but I can lose hours which lowers my income. My means test income (which includes bonuses and other sources of income) is about $300 more then what I would averagely make.
    My average gross monthly income (if everything is normal that month no bonus or lost hours) is around $2300 with net around $2,100. If I use the 6 month average my dmi is -60. If I used my actual hours and rate times 4 (I get paid weekly) my dmi is -195. Either way I'm negative but my actual is more realistic. Also I want the trustee to understand I am broke as a joke( which explains my username. lol)
    Which one do you think the trustee would be less likely to question? How did you figure up your Schedule I? TIA
    Filed Chapter 7 Pro-Se 10/05/2010
    341 Meeting 11/10/2010 ; I Survived!
    Discharged 1/11/2011 THANK GOD!!

    #2
    My hours vary, and I was told to add my expected hours for the year and divide by 12 months. Some months I make $2400 and some months I make nothing, so my average is around $1700 per month. Last year I had about $500 in overtime but I do not have reasonable expectation of overtime, bonuses nor additional assignments this year so I did not include them in the calculation.

    (Also, If you are paid weekly you need to multiply your weekly pay by 4.33 to get your monthly income, There are 4.33 weeks in a month.)
    Filed 8/31/10
    341 Hearing 10/5/10

    Hopefully No Asset Ch 7

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      #3
      Thank you for the quick response.
      Filed Chapter 7 Pro-Se 10/05/2010
      341 Meeting 11/10/2010 ; I Survived!
      Discharged 1/11/2011 THANK GOD!!

      Comment


        #4
        Hi BrokeJoke22,

        Use whatever is reasonable, it is projected income, an estimate. Both figures give you DMI, right? Flip a coin......

        Good luck w/ your filing!

        Tom in Colo
        Ch7 filed 5/12/2010.....341 meeting 6/30/2010....report of no distribution 8/15/2010.....discharged 10/01/2010.....closed 11/09/2010

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