Autofill Legal Hawaii Bankruptcy Forms For Free

Common deductible expenses are: Mortgage payments. Vehicle payments. Payments you would make on any other secured debt, if you want to keep the item(s) rather than have the trustee sell them to repay your debts.

If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.

To calculate your six-month average gross income, you first need to add up your wages, salaries, and tips for the past six months. Then, divide that number by six to get your average monthly income. If you receive any income from sources other than employment, you'll need to factor that in as well.

In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state, and the debtor cannot pass the means test, the court will presume the debtor is attempting to abuse the bankruptcy code, and that the debtor has enough money for a Chapter 13 bankruptcy plan.

The Means Test and Chapter 13 For many debtors, the means test will let them know whether they are permitted to file a Chapter 7 bankruptcy. For those who do not qualify, the means test is one factor in determining how much they will have to pay to their unsecured creditors in Chapter 13.

Upon filing, the court will assume legal control of your debts and any property not covered by your Hawaii exemptions. A trustee will be appointed to your case by the court. The job of the trustee is to see that your creditors are paid as much as possible.