Justia Badge
Top One
The National Trial Lawyers
Lead Counsel
DUI Defense
Three Best Rated
Expertise - Best Divorce Lawyers in Seattle
Expertise - Best DUI Lawyers in Seattle
Client Champion Gold
Expertise - Best Divorce Lawyers in Olympia
Expertise - Best Divorce Lawyers in Tacoma
Client Champion Platinum 2021
AV Preeminent
Top 10 Family Law

What Is Income in Bankruptcy?

“Foreclosure”Income is money received from any source except through gift, devise, or bequeath (inheritance). All sorts of income are taken into consideration when filing for bankruptcy. Money from employment, unemployment, food stamps, child support, family help, rental income, self-employment income, odd jobs, social security, VA benefits, retirement/pension, and selling items on eBay are all considered income. When consulting with an attorney, a you must disclose what sources your household money is coming from.

Some income is not taken into consideration when qualifying for bankruptcy, like Social Security. Social Security is exempt from qualifying for bankruptcy, but your disposable income is taken into consideration. Your disposable income is your monthly necessary expenses subtracted from your gross income. If your disposable income is great enough to pay 25 percent of your unsecured creditors, you may have to file a Chapter 13 bankruptcy. It is very important to disclose all sources of income or any way money is coming into your household so that a bankruptcy attorney can better guide you on which chapter to file.

If you have questions about whether to file Chapter 7 or Chapter 13 bankruptcy–or whether bankruptcy is right for you at all–contact the Law Offices of Jason S. Newcombe today. Our experienced Seattle, WA lawyers would be happy to answer your questions and help you find the solution that is best for you and your family. We offer free consultations.

Client Reviews
Great service and follow up. Its a scary thing when you need a lawyer but Jason and his team make it less so. Very happy with our outcome. Scott Thibeault
"I can't say enough great things about Jason Newcombe Law Office. I am retired military and I highly recommend Jason Newcombe Law Office. I reached out to Jason's office after sitting for hours reviewing multiple Domestic Violence Law Offices in King County. He responded before that day was over. I spoke with Jason's both in-person and by phone; felt very comfortable with his years of experience and straight talk. He took on my case, took me through the process with sound advice. The Attorney Erin Lane who accompanied me with my court appearances; can't praise and thank her enough for her time, selflessness and educational information prior to each court appearance. She made a really daunting task for me less fearful, given such grim circumstances. I am forever grateful for Jason and the Team of Attorneys." Tommy Harville
"I cannot thank Mr. Newcombe and his staff enough. They are awesome. When I first contacted his offices, I didn't know what to do. I was overwhelmed and confused. He did an amazing job, I highly recommend him! I had two cases, and he got both of them dismissed. If you are in trouble, do yourself a favor, give him a call. " David
"I had Mr. Newcombe's firm handle my ticket and I greatly appreciate their assistance. It was handle easily and with good communication from the associates. If you need assistance with some legal matters then I would refer you to them. " Marvin
"Jason Newcombe and his Associate's are all top notch individuals who will fight tooth and nail for you and go the distance to ensure that you receive the best outcome possible on your case. I would not be where I am today if not for the Law offices of Jason Newcombe. " Eric Brandt