Hawaii Chapter 13 Calculation of Your Disposable Income is the process of determining the amount of money a debtor is allowed to keep each month in order to fund their Chapter 13 repayment plan. This calculation is done by subtracting the debtor’s expenses from their total monthly income. The expenses include living expenses such as food, housing, and transportation, as well as other necessary payments such as child support, alimony, and taxes. The remaining amount is the debtor’s disposable income, which is used to fund their repayment plan. There are two different types of Hawaii Chapter 13 Disposable Income Calculations: the Formal and the Allowable Expense Calculation. The Formal Calculation requires the debtor to submit a detailed list of their expenses to the court, and the Allowable Expense Calculation uses federal guidelines for determining the debtor’s expenses.
Hawaii Chapter 13 Calculation of Your Disposable Income
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How to fill out Hawaii Chapter 13 Calculation Of Your Disposable Income?
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After subtracting all the allowed expenses from your ?current monthly income,? the balance is your ?disposable income.? If you have no disposable income ? your allowed expenses exceed your ?current monthly income? ? then you've passed the means test.
§ 1325. In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income.
You'll calculate your disposable income in this manner. Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income.
When filing for Chapter 7 bankruptcy, you need to total up all of your regular monthly income and then deduct any expenses that the court requires. This will give you your disposable income.
Your monthly disposable income is the minimum you'll pay to your non-priority unsecured creditors throughout the course of your Chapter 13 payment plan. Your disposable income is the amount that remains after deducting allowed living expenses and mandatory payments.
In Chapter 13 bankruptcy, you must devote all of your disposable income to your Chapter 13 repayment plan. Through the plan, which lasts either three or five years, you pay 100% of certain debts and a portion of other types of debts.
Because you have no nonexempt property, your unsecured creditors are still getting as much as they would have if you had used Chapter 7: nothing. And you have no disposable income left over to pay into the plan. At the end of your Chapter 13 plan, all dischargeable debts will be wiped out.