Christine
Expenses
Many people don't have a clue where their money goes. If you consider filing for bankruptcy, or even if you just want to figure out why your debt increases every month, prepare a listing of expenses. I HIGHLY recommend Quicken for budgeting.
Give realistic estimates. If your expenses add up to more than the income you have listed, or less than your income and you want to file for bankruptcy, be prepared to explain.
Many people are CHARGING expenses to credit cards, so that's usually easy to explain. But if your net income is HIGHER than your expenses, you may have to file for a Ch. 13 instead of discharging. Of course many of the expenses are variable, and if you drive an old car, you DO have substantial maintenance costs. If you don't have health insurance, you need to budget for medical expenses, etc.
What are your average monthly expenses for:
Rent or mortgage ___________________________
Are real estate taxes included? ___
Is property tax included? ___
Electricity ___________________________
Heat ___________________________
Water ___________________________
Telephone ___________________________
Other Utilities ___________________________
Home Maintenance (repairs and upkeep) ___________________________
Food (cash you spend on food) ___________________________
Amount of Food Stamps you spend ___________________________
Clothing ___________________________
Laundry and Cleaning ___________________________
Medications ___________________________
Other Medical and Dental Expenses ___________________________
Public transportation ___________________________
Automobile upkeep ___________________________
Gasoline and oil ___________________________
Newspapers, magazines, school books ___________________________
Recreation ___________________________
Charitable contribution ___________________________
Club and union dues (not deducted from wages) ___________________________
Insurance (not deducted from wages)
Homeowner's or Renter's ___________________________
Life ___________________________
Health ___________________________
Auto ___________________________
Other ___________________ ___________________________
Taxes (not deducted from wages
or included in mortgage payment) ___________________________
Installment payments
Vehicle ___________________________
Other _________________ ___________________________
Other _________________ ___________________________
Alimony, maintenance or support payments ___________________________
Other payments for support of dependents ___________________________
Expenses for operating your business ___________________________
Other expenses (list types of expenses) (e.g.,
home maintenance, cable T.V., school)
Identify: __________________
Of course you can have a variety of OTHER expenses, go through your checkbook and add expenses as needed.
Many people don't have a clue where their money goes. If you consider filing for bankruptcy, or even if you just want to figure out why your debt increases every month, prepare a listing of expenses. I HIGHLY recommend Quicken for budgeting.
Give realistic estimates. If your expenses add up to more than the income you have listed, or less than your income and you want to file for bankruptcy, be prepared to explain.
Many people are CHARGING expenses to credit cards, so that's usually easy to explain. But if your net income is HIGHER than your expenses, you may have to file for a Ch. 13 instead of discharging. Of course many of the expenses are variable, and if you drive an old car, you DO have substantial maintenance costs. If you don't have health insurance, you need to budget for medical expenses, etc.
What are your average monthly expenses for:
Rent or mortgage ___________________________
Are real estate taxes included? ___
Is property tax included? ___
Electricity ___________________________
Heat ___________________________
Water ___________________________
Telephone ___________________________
Other Utilities ___________________________
Home Maintenance (repairs and upkeep) ___________________________
Food (cash you spend on food) ___________________________
Amount of Food Stamps you spend ___________________________
Clothing ___________________________
Laundry and Cleaning ___________________________
Medications ___________________________
Other Medical and Dental Expenses ___________________________
Public transportation ___________________________
Automobile upkeep ___________________________
Gasoline and oil ___________________________
Newspapers, magazines, school books ___________________________
Recreation ___________________________
Charitable contribution ___________________________
Club and union dues (not deducted from wages) ___________________________
Insurance (not deducted from wages)
Homeowner's or Renter's ___________________________
Life ___________________________
Health ___________________________
Auto ___________________________
Other ___________________ ___________________________
Taxes (not deducted from wages
or included in mortgage payment) ___________________________
Installment payments
Vehicle ___________________________
Other _________________ ___________________________
Other _________________ ___________________________
Alimony, maintenance or support payments ___________________________
Other payments for support of dependents ___________________________
Expenses for operating your business ___________________________
Other expenses (list types of expenses) (e.g.,
home maintenance, cable T.V., school)
Identify: __________________
Of course you can have a variety of OTHER expenses, go through your checkbook and add expenses as needed.