Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a document filed in a Chapter 13 bankruptcy case that details the debtor's current monthly income and the length of the repayment plan. The statement includes gross monthly income from all sources, including wages, salaries, commissions, Social Security, unemployment, public assistance, pension and retirement income, investment income, and alimony or child support. The statement also lists the debtor's monthly expenses, including living expenses, secured debt payments, and unsecured debt payments. The statement is used to calculate the debtor's disposable income which is then used to determine the length of the repayment plan. Types of Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period include Form 122A-1, Statement of Current Monthly Income and Calculation of Commitment Period, Form 122A-1Supp, Statement of Exemption from Presumption of Abuse under 707(b)(2), and Form 122C-1, Calculation of Your Disposable Income.
Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
Description
How to fill out Chapter 13 Statement Of Your Current Monthly Income And Calculation Of Commitment Period?
Coping with official documentation requires attention, precision, and using properly-drafted blanks. US Legal Forms has been helping people across the country do just that for 25 years, so when you pick your Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period template from our library, you can be sure it complies with federal and state laws.
Working with our service is straightforward and quick. To get the required paperwork, all you’ll need is an account with a valid subscription. Here’s a quick guideline for you to obtain your Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period within minutes:
- Make sure to carefully examine the form content and its correspondence with general and law requirements by previewing it or reading its description.
- Look for another formal template if the previously opened one doesn’t match your situation or state regulations (the tab for that is on the top page corner).
- ​Log in to your account and save the Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period in the format you need. If it’s your first experience with our website, click Buy now to continue.
- Create an account, select your subscription plan, and pay with your credit card or PayPal account.
- Decide in what format you want to obtain your form and click Download. Print the blank or add it to a professional PDF editor to submit it paper-free.
All documents are drafted for multi-usage, like the Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period you see on this page. If you need them one more time, you can fill them out without re-payment - just open the My Forms tab in your profile and complete your document whenever you need it. Try US Legal Forms and accomplish your business and personal paperwork rapidly and in full legal compliance!
Form popularity
FAQ
Ending Your Plan Early There are only two ways to pay off a Chapter 13 bankruptcy early: pay 100% of the allowed claims filed in your case, or. qualify for a hardship discharge.
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.
About 45 days after you've received your discharge, you will receive a document called a Final Decree. It's the document that officially closes your case. Once this document is received, you are no longer in bankruptcy.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
In Chapter 13 bankruptcy, you must devote all of your disposable income to your Chapter 13 repayment plan. Through the plan, which lasts either three or five years, you pay 100% of certain debts and a portion of other types of debts.
Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
When the plan completes at month 36, any remaining balance due on general unsecured claims is discharged unless a particular debt happens to fit in the nondischargeable category. A plan will continue past 36 months (up to a max of 60 months) until the debtor has paid the ?must pay? debts.