Budget In Ch. 7
My attorney has asked for my monthly budget. Could someone please tell me what this is used for. I know the trustee will want to see if any debts could be repaid out of the monthly budget, but is it also used to "dictate" to the debtor what they should or should not be spending money on, or to stop the debtor from making what could be construed as "luxury" purchases? If a debtor uses only cash for all living expenses, does this change the picture?
Answer:
In your bankruptcy schedules, you are required to submit a budget. Your lawyer will then go over it with you, and should let you know if there are any areas that could cause problems.
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