The Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation is a form required for filing bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. This form is used to determine the debtor's eligibility for a Chapter 7 bankruptcy. The form requires the debtor to provide their current monthly income, expenses, assets, and liabilities. It also requires the debtor to complete a means test calculation to determine if they are eligible to file for Chapter 7 bankruptcy. The statement of current monthly income and means-test calculation are divided into two main types: the Family Median Income Test and the Non-Exempt Asset Test. The Family Median Income Test is used to determine if the debtor's current monthly income is above the median income for their family size in the state of Hawaii. If the debtor's income is above the median income, they may not be eligible to file for Chapter 7 bankruptcy. The Non-Exempt Asset Test is used to determine if the debtor has more assets than allowed by the bankruptcy code. If the debtor's assets exceed the allowable limits, they may not be eligible to file for Chapter 7 bankruptcy. The Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation is an important form that must be accurately completed in order for the debtor to be eligible to file for Chapter 7 bankruptcy.
Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation
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How to fill out Hawaii Chapter 7 Statement Of Your Current Monthly Income And Means-Test Calculation?
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FAQ
Total average monthly payment for all mortgages and other debts secured by your home. To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
The means test is calculated by comparing the debtor's average income for the past six months (current monthly income), annualized, to the median income for households of the same size in the debtor's state of residence.
This formula takes a look at the amount of disposable income compared to the level of unsecured debt. If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing.
To determine your Chapter 7 bankruptcy income limit, add the last six months of your gross income ? this is what you earned before taxes and other deductions were taken out.
Look at Your Disposable Income If your disposable income after expenses is less than $128, you qualify for Chapter 7 under the means test. If it's more than $214, you do not qualify. If you fall into the gray area between, you'll have to complete one more step.
There is no ceiling on the amount of debt with which you can file for Chapter 7 bankruptcy. Chapter 7 also is often preferred over Chapter 13 because it wipes out debt and doesn't involve repayment. The rules under Chapter 13 are more stringent, but Chapter 7 is open to any individual with any amount of debt.
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.
To determine your Chapter 7 bankruptcy income limit, add the last six months of your gross income ? this is what you earned before taxes and other deductions were taken out. Divide that number by six.