Schedule I (Official Form 106I), is a snapshot of your income as of the day you file bankruptcy, just as Schedule J is a snapshot of your expenses as of the same day. If you are a W-2 employee, Schedule I is pretty straightforward. After completing Part 1, which is information about your employment and your employer, you give details as to your income.
Line 2 is your current monthly gross income, exclusive of overtime. This is what you typically receive for a 40-hour (or however long your workweek is) week extrapolated to a monthly basis.
Line 3 is overtime. This is a little harder to calculate because by its very nature overtime is not regular nor is it even from month to month in most cases. It gets particularly difficult if overtime is seasonal. Examples are postal employees who might get lots of overtime during the holidays and very little throughout the rest of the year; or firefighters who are busy during wildfire months of the summer. Usually the best way to handle overtime is to look at what you received over the course of the last year, up to the date of filing, and divide that by 12 to get a monthly average. If your overtime is unevenly spread, you can make note of that fact on Line 13.
Line 5 is an itemization of all your payroll deductions. You can get these right from your paystubs. Just remember that everything is on a monthly basis. If you are paid twice a month, your monthly payroll deductions are just two times what shows on a paystub. If you get paid every two weeks, you will typically have three pay periods in two of the 12 months of the year. It’s generally acceptable to treat the bi-weekly (every two weeks) pay system the same as semi-monthly (twice a month).
Line 8 is for income from all other sources. If you are self employed or operate a business, you will need to provide an income statement for the business that shows how much you take home each month. You must do the same thing for rent, dividend, interest or any other income that you regularly receive. If this income is not received monthly, you will need to calculate a number as if it was received monthly. For example, suppose you receive dividends twice a year from some bonds. You would divide the amount of those dividends by six to arrive at a monthly figure, even though you don’t receive it every month.
If you have a non-filing spouse, your spouse’s income must be shown as well as your own. This is because the spouse’s income is available to pay the monthly living expenses (Schedule J) and if you list only your income on Schedule I but give all of the household expenses on Schedule J, your expenses are overstated.
Line 11 is for any other income that is available to pay the expenses on Schedule J. This would include rent that roommates pay you or the landlord; contributions roommates make for payment of utilities, food, or other common expenses; and the like.