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bankruptcy monthly statements

Could you share some insight as to what is required for a monthly expense budget statement that must go to the trustee every month from the bankrupt. I was told every penny spent must be accounted for and reciepts as well. Does that mean for example if a person buys a lunch from McDonalds he must save the reciept to send monthly as well?

Any insight appreciated

One Response to “bankruptcy monthly statements”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

A monthly income and expense statement consists of anything you spend money on in a given month. This can include anything from a coffee at Tim Horton’s to your rent or utility payments. Make sure you keep up on this, summarize the receipts on a monthly basis and submit them to your trustee. It is very difficult to be discharged from bankruptcy if you fail to keep up to date with these statements.