No matter what type of bankruptcy you’re filing for, you will need to show proof of all your income from each different source that you receive money from. Many people are intimidated by the idea of this, but it’s not necessarily a difficult process. It can, however, be tedious if you have multiple income streams.
Here’s what to know and how to get in touch with a qualified Florida bankruptcy lawyer who can help you get relief from the debt you’re in.
What Do I Need To Report My Income?
In most cases, the petitioner only needs to report the last six months of income unless more is requested by the bankruptcy trustee presiding over the case. People who own a business or who are self-employed are more likely to be required to submit more than 6 months proof of income than someone who works at a company and receives regular pay.
Here’s what you need to have to report each kind of income you get:
Work Income
- W2’s — pay stubs from your job for the last 6-12 months
- Tax returns — copies of your most recently filed tax return, ideally within the last year
- Profit and loss statements — self-employed petitioners must generate and submit profit and loss statements for the time period requested by the bankruptcy trustee
Supplemental Income
- Rental income — receipts of rent payments that tenants have made to you for the last 6-12 months
- Alimony and child support — a printout of the child and spousal support payments you’ve received over the last 6-12 months
- Pension or retirement money — a printout or statement of any retirement or pension money that has been paid to you during the previous 6-12 months
- Other income — receipts or statements of any other income you received over the last 6-12 months, including income from online businesses, side gigs, and regular donations (Social Security income is not counted for bankruptcy purposes).
When To Contact A Qualified Florida Bankruptcy Lawyer
If you’re facing debt you can’t pay, you may need the help of a veteran Florida bankruptcy lawyer. Filing bankruptcy doesn’t have to be frightening. Instead, it can bring long-awaited financial relief so you can start over fresh.
Contact Sims Bankruptcy Law, PLLC today for more information or to set up an initial meeting by calling (469) 751-7467.