The Kentucky Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a document that outlines an individual’s current monthly income and calculates the duration of their Chapter 13 bankruptcy plan. This document is required when an individual files for Chapter 13 bankruptcy in the state of Kentucky. It provides the court with a snapshot of the individual’s income and expenses, which helps to determine the length of the repayment plan. There are two types of Kentucky Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period: the Form 22A-1 and the Form 22A-2. The Form 22A-1 is used to calculate the debtor's disposable income and the length of the repayment plan. It includes information about the debtor's income, expenses, and debts. The Form 22A-2 is used to calculate the debtor's disposable income and the amount to be paid to creditors. It includes information about the debtor's income, expenses, and assets. Both forms must be completed and submitted to the court in order for the Chapter 13 bankruptcy plan to be approved. Once the forms have been approved, the debtor will be required to make payments according to the terms of the repayment plan. These payments will be used to pay off creditors over the course of the repayment period.
Kentucky Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
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FAQ
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.
For an individual, gross income is your total pay, which is the amount of money you've earned before taxes and other items are deducted. From your gross income, subtract the income taxes you owe. The amount left represents your disposable income.
Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income. You'd are responsible to pay this amount to creditors each month.
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.
Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
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.
The Means Test This test uses a complex formula that takes the gross income for the 6 month period above, and then subtracts out only certain allowed IRS-budgeted expenses items, and ongoing secured debt obligations.
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.