The Kentucky Chapter 7 Statement of Your Current Monthly Income, also known as Form 422A, is a form used by debtors filing for bankruptcy under Chapter 7 of the Bankruptcy Code. The form is used to calculate the debtor's monthly income and expenses to determine if the debtor is eligible for a Chapter 7 bankruptcy. It includes information about the debtor's income sources, household size, and expenses. The form is also used to calculate the median income for the debtor's state, which is used to determine if the debtor qualifies for a Chapter 7 bankruptcy. There are two versions of the form: one for individuals and one for married couples filing jointly.
Kentucky Chapter 7 Statement of Your Current Monthly Income
State:
Kentucky
Control #:
KY-SKU-0457
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PDF
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Chapter 7 Statement of Your Current Monthly Income
How to fill out Kentucky Chapter 7 Statement Of Your Current Monthly Income?
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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.
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.
An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.
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.
The median income information is used by the bankruptcy court when determining whether or not an individual qualifies for relief under chapter 7 of the Bankruptcy Code, and also is used in determining the applicable commitment period for payment plans filed under chapter 13.
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.
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 first form, 122A-1, determines whether your income is below the median income in Alabama. You will need to give the court information about all sources of income, how much income you have, your tax filing status, and your marital status.
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Fill in the average monthly income that you received from all sources, derived during the 6 full months before you file this bankruptcy case. These forms will require you to enter and calculate information such as your income and expenses, your current monthly income, and more.Take the first part of the means test. You are unable to meet debt obligations on your current income. The Workbook explains the forms in full. These forms, when completed and filed, show the person's current monthly income and the current monthly expenses that the person is allowed to claim. ("Schedules"), Statement of Financial Affairs, and Chapter 7 Statement of Your Current. This is the second level "means test. The means test will calculate your current monthly income (CMI). This amount typically includes all household income.