One of the most important tasks you will be asked to complete relates to the budget you file in your bankruptcy case. Your bankruptcy trustee (and creditors) will expect a budget that accurately reflects your income as well as all “reasonable and necessary” expenses. The problem: what is reasonable and necessary and who decides what that means?
Furthermore, the budget you file most account for expenses that you are currently incurring as well as likely expenses that you will face in the near future.
Experienced bankruptcy lawyers understand that creating a bankruptcy budget can require many judgment calls. In this video, I discuss some of the considerations I bring to the process as well as some suggestions about you can protect yourself from possible challenges.