The Texas Chapter 7 Statement of Your Current Monthly Income (Form 122A-2) is a form used by individuals filing for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. It requires debtors to provide detailed information about their current income, including wages, salary, pension, Social Security, and any other sources of regular income. The form also requires debtors to itemize any monthly expenses, such as mortgage, rent, utilities, car payments, child support, and other recurring payments. By providing a comprehensive list of their current monthly income and expenses, the debtor can demonstrate to the court that they have a valid claim for a discharge of their debts. The Texas Chapter 7 Statement of Your Current Monthly Income form is available in both paper and electronic versions. The paper version can be found on the website of the United States Bankruptcy Court for the Northern District of Texas. The electronic version can be found on the website of the Texas Office of the Clerk of the United States Bankruptcy Court.
Texas Chapter 7 Statement of Your Current Monthly Income
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How to fill out Texas Chapter 7 Statement Of Your Current Monthly Income?
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FAQ
Asset and No-Asset Cases in Chapter 7 Any debt you fail to list in an asset case won't be discharged. If, however, yours is a no-asset Chapter 7 bankruptcy (there's no money to repay creditors), the debt still might be discharged.
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.
It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts. Although it was designed to restrict the number of debtors who can get their debts forgiven through a Chapter 7 bankruptcy, most people who take the means test pass it easily.
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.
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. This will offer you an estimate of your monthly discretionary income, which you may put toward paying back your debts.
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.
Expenses That Will Help You Pass the Chapter 7 Means Test House, car, and other secured debt payments.Overdue taxes.Court-ordered payments and arrearages.Child care.Involuntary deductions.Health, disability, or term life insurance.Other healthcare expenses.Education for employment or a disabled child.
From your gross income, subtract the income taxes you owe. The amount left represents your disposable income.