The North Carolina Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is a legal document used in bankruptcy proceedings in the state of North Carolina. It requires a detailed description of the debtor's monthly income and expenses to determine their eligibility for Chapter 11 bankruptcy. Keywords: North Carolina, Statement of Current Monthly Income, Chapter 11, Post-2005, bankruptcy proceedings, debtor's eligibility, income and expenses. The North Carolina Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is an essential part of the bankruptcy process as it helps establish the financial status of the debtor and assists the court in determining their ability to reorganize and repay debts under Chapter 11 bankruptcy. Named Types of North Carolina Statement of Current Monthly Income for Use in Chapter 11 — Post 2005: 1. Individual Debtor: This type of statement is used by individuals seeking Chapter 11 bankruptcy in North Carolina. It requires the debtor to provide detailed information about their monthly income from all sources, including wages, investments, rental income, etc. Additionally, it requires the debtor to list all their living expenses, such as rent/mortgage payments, utilities, food, transportation, etc. 2. Business Debtor: This type of statement is used by businesses or corporations filing for Chapter 11 bankruptcy in North Carolina. It requires the debtor to disclose the company's monthly income and expenses, including revenue, operating costs, employee salaries, rent, utilities, loan payments, etc. 3. Joint Debtor: In cases where married couples file for Chapter 11 bankruptcy together, a joint debtor statement is required. This statement combines the financial information of both spouses, including their individual incomes, joint expenses, and shared liabilities. The North Carolina Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 serves as an important tool for the bankruptcy court to evaluate the debtor's financial situation, assess their ability to meet repayment obligations, and make informed decisions regarding the reorganization plan. It ensures transparency and assists in achieving a fair and equitable resolution for all parties involved in the bankruptcy process.
North Carolina Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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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.
Unless the court orders otherwise, the debtor also must file with the court: schedules of assets and liabilities; a schedule of current income and expenditures; a schedule of executory contracts and unexpired leases; and.
Most people pass the means test simply because their ?current monthly income? is low enough. If your ?current monthly income? is no more than the specific dollar amount that is applicable to your state and size of family, then you do not need to go through the much more complicated expenses side of the test.
In 2005, Congress passed the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) after heated debate. The new law was designed to deter people from pursuing bankruptcy by making filing for it more difficult and expensive, as well as less financially advantageous.
National Standards have been established for five necessary expenses: food, housekeeping supplies, apparel and services, personal care products and services, and miscellaneous.
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.
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.