South Dakota 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
For individuals, gross monthly income is the total amount of money received in a given month before any deductions, including taxes. The sum of your gross monthly income comprises financial earnings from all available sources, including but not limited to: Regular wages or salary. Overtime, bonuses or commissions.
Here is the formula for determining your ?gross monthly income?: Multiply the hourly amount (for example $14/hr.) by the number of hours worked (40 hrs./week is a full-time schedule) by 52 weeks in a year and then divide that amount by 12. This means your ?gross monthly income? is $2426.66/mos.
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.
Current monthly income (CMI) is the average income from all sources in the six months prior to filing for bankruptcy. A person's CMI determines their eligibility for Chapter 7 bankruptcy which requires a person's CMI to be below the state median or pass a multi-factored test.
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.
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.
If you earn an annual salary, you can take the total value of your salary and divide it by 12, the number of months in the year, to find your gross monthly income.
Actual income means income already received in the initial month plus all the income that reasonably may be expected to be received within the initial month.¶