Profit and Loss Statement
When you run a small business and you decide to file for bankruptcy, you must provide some type of proof of the income you are receiving. To do this, you will be given a profit and loss statement to fill out. The form that is given to you is what the courts will accept and what the trustee will accept, so in practice, it will be better for you to fill out the profit and loss statement that the attorney’s office provided to you. It allows you to document what you have received in income for the month and make a list of your expenses. Once you total it up, then it will provide the information that is needed to determine what your income is. If you have any questions or concerns as to whether you need or should fill out a profit and loss statement, please consult with the bankruptcy attorney to see if it is required. The profit and loss statement as it relates to the means test will take the gross figure and subtract the expenses to determine what would be necessary to pay back to the unsecured creditors.
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