Montana Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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How to fill out Statement Of Current Monthly Income For Use In Chapter 11 - Post 2005?
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FAQ
If the debtor's monthly income of the past 6 months, not including the filing month, is lower than the median income in the state, the debtor has passed the means test automatically.
Calculation of Current Monthly Income: To begin the means test, debtors calculate their current monthly income, which equates to twice the gross income earned in the six months leading up to the bankruptcy filing.
Form Number: B 122A-2. Category: Means Test Forms. Effective onApril 1, 2022. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
Domestic support obligations, such as alimony or child support, and other court-ordered payments, including arrearage balances, can be deducted on the means test. The larger the arrearage balance, the more significant the benefit. Child care.
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.
You can earn a high income and still pass the means test if you have substantial expenses like a hefty mortgage, multiple car payments, taxes, childcare, health care, or care of an elderly or disabled person. However, if your disposable income is more than a certain sum, you will not be able to file.
Income is calculated by looking at the debtor's income for the six-months prior to filing. A debtor who previously had a higher income but has been laid off in the last year, for example, would be able to rely on their most recent income to satisfy the Means Test.