What Income Must You Report After a Chapter 7 Bankruptcy?

Reporting income after a Chapter 7 bankruptcy.

Filing a Chapter 7 bankruptcy case requires you to make certain reports to the bankruptcy court. High on the list of what needs to be reported to the court while you are in a Chapter 7 bankruptcy is income. You may wonder what types of income you need to report.

Function

The function of a Chapter 7 bankruptcy is to discharge your debts. Although some creditors may receive some money from you, your obligation to most debtors is ended through this type of case.

Types

The types of income and revenue you must report includes anything whatsoever that is paid to you during your bankruptcy. Although certain types of payments to you may be exempt from and out of reach of creditors, everything must be disclosed to the court.

Time Frame

You must report any income or other payments made to you upon receipt. In other words, you need to disclose this information to the court within a week of receipt.

Trustee

You must report income and other payments to you to the bankruptcy trustee. The trustee is the court official designated to oversee your case on a day-to-day basis.

Warning

Failing to disclose income or other payments to you can result in serious consequences. You can be charged criminally with bankruptcy fraud.

References

• "The Glannon Guide to Bankruptcy: Guide to Bankruptcy;" Nathalie Martin; 2006
• U.S. Bankruptcy Code
• Cornell Law School: Bankruptcy Overview

Resources

• American Bar Association: Bankruptcy & Insolvency Litigation Committee