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About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
Schedule J helps the bankruptcy trustee determine your disposable income, which is the amount of money you have left over each month after paying your necessary expenses.
Schedule J-2: Expenses for Separate Household of Debtor 2 (individuals)
Some of the monthly expenses that are listed on your Schedule J include your rent or mortgage payments, upkeep expenses on your home, utilities, food, gas, telephone, water, car maintenance, childcare, clothing, laundry, and vehicle maintenance. Basically, the money you spend just to live each month is listed here.
This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
Schedule J and its instructions guide you through calculation of tax on your current year elected farm income as well as the three base years to calculate your averaged income.
Assets are what a business owns, and liabilities are what a business owes. Both are listed on a company's balance sheet, a financial statement that shows a company's financial health. Assets minus liabilities equal equity?or the company's net worth.
Official Form 106Sum is the Summary of Your Assets and Liabilities and Certain Statistical Information. It contains the ?bottom line? kind of information from your schedules. Things like the total value of your property, the total amount of your debts, and information about your income and expenses.