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Schedule J: Actual or Projected Expenses?

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    Schedule J: Actual or Projected Expenses?

    Hi, I'm new to the forum and have a few questions. I suppose I should post each one in a seperate thread(?) I searched through past threads and now I'm questioning what I thought was the proper way to fill out Schedule J.
    The Nolo book says to be ready to support your expenditures with receipts or cancelled checks. That tells me that I should be using amounts that I paid in the past.
    But, the instructions at the top of Schedule J say to use "the average or projected monthly expenses".
    So, which is it? Past or future?

    #2
    Use projected expenses. For those expenses that are over the IRS standard, you will need documentation.
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

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      #3
      OK, since I've been living a very frugal lifestyle for the past few years, I've been way below the IRS standards (especially since I got laid off and had to take low-wage jobs). Should I estimate my projected expenses as if I were back up to the salary I should be at?

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        #4
        I would project what you expect to happen based on what is going on when you filled them out. If you don't have your new salary/old job back don't project as if you would. If you are going to sign a new lease as soon as the discharge happens I'd use that number. Lots of different opinions on the forum as to how to do this schedule. To me if you project realistically using what is happening/what will happen you are right. Best to check with an attorney for the specifics of your case. Good luck.

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          #5
          Thanks for your help. I may move to another state in 6 months, when my lease is up, but that depends on where I get a job. The job market is bad everywhere, some places more than others. I'm just hoping to find something decent somewhere by then. I'll fill out J as best I can given the many variables. Thanks again.

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