Sched I: Describe anticipated incr/decr in income

[onthebrink]

The last item in Sched I states "Describe any increase or decrease in income reasonably anticipated to occur within the year following the filing of this document".

I am currently unemployed and am trying to get some consulting engagements and eventually start a software business. The problem is that these are both risky ventures and I can't forecast if/when I'll see any income outside of a potential small project, which may or may not be extended. Given this, I'm not clear how I should answer this item. The honest answer is "Outside of a $10K to $20K project, I don't know". Then I get terrified that if I predict a potential income of $20K in the next few months that they'll take that away. I also don't want to be pushed into a Ch. 13 (without steady income not sure I would qualify anyway).

We are planning on filing Ch. 7 and will have to discharge the house. We are significantly underwater and the mortgage is due to reset in Aug. We have been using savings, unemployment and my wife's income to try to pay our monthly mortgage, credit card debt and living expenses but have reached a point where we are a few months from completely depleting our savings if we continue to make the mortgage & CC debt. We are meeting with a BK attorney this week to discuss filing Ch. 7.

I am optimistic that I will eventually be able to start generating some steady income but at this point it's difficult to predict timing, frequency and amount.

Any advice on how I should respond would be appreciated!

[MSbklawyer]

Based on the facts that you've given, about the only thing you should put here is that "Debtor is currently and continually seeking employment / business opportunities but at the present time has no definite or immediate prospects of such." I assume that is the case from your factual scenario. They don't expect you to have a crystal ball. The don't expect you to speculate.

[fireworks]

To my knowledge that question is for people who are getting a windfall amount in the near future - lottery winnings, inheritance, large bonus at work, etc. "Trying to find employment" unfortunately does not translate into "expected increase in income."

However, perhaps it would be better for you to wait to file until you have a steady job?

[onthebrink]

Thank you MSBKlawyer. You precisely capture the situation.

Thank you, fireworks, for helping me better understand the meaning of that question. Very tough to find steady job in this environment, which is why I am thinking of starting my own business.