do they look at gross income, or net? It doesn't make sense to look at gross income because everyone knows that isn't what you actually have to work with each month. My friend needs to file BK, and she makes 60K a year...but after everything is taken out of her checks, she only brings home about 45K. With taxes, and insurance, and 401K taken out of her checks, she isn't actually bringing home 60K. So, what do they actually consider "income?"
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Schedule I of the BK petition asks for "gross" income, but then has lines for the usual payroll deductions, so in reality, your net income is your starting point.
Realize, that 401-K contributions and/or loan payments are generally not allowable expenses. -
401-k loan
Where do you list 401-k loan activity on the bk forms.Comment
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