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
A 100% plan indicates that the petitioner does not qualify for debt reduction based on their income and ability to pay. This Chapter 13 plan structures 100% of that client's debt to be paid back through the repayment process.
Your Income and the Means Test. When determining whether you qualify for Chapter 7 bankruptcy, the means test compares your average gross monthly income for the six-month period before filing to the median income of similar households in your state.
Certain family and household expenses might help you pass the means test for Chapter 7 bankruptcy. If your income is higher than your state's median income for a similar size household, you must complete the entire bankruptcy means test form to determine whether you qualify for Chapter 7 bankruptcy.
If your annual income, as calculated on line 12b, is less than $84,952, you may qualify to file Chapter 7 bankruptcy. If it's greater than $84,952, you'll have to continue to Form 122A-2, which we'll review in the next section. It should be noted that every state has different median income calculations.
The means test was designed to limit the use of Chapter 7 bankruptcy to those who can't pay their debts. It does this by deducting specific monthly expenses from your "current monthly income" (your average income over the six calendar months before you file for bankruptcy) to arrive at your monthly "disposable income."
Eligibility for Chapter 13 Bankruptcy When you file for Chapter 13 bankruptcy, there is no "means test" to determine whether your income is too high. In fact, opposite forces are at work in Chapter 13 -- if your income is so low that you cannot fund a repayment plan, you won't be eligible for Chapter 13.
Limits on Unsecured Debt Chapter 13 is only available for people who have less than $419,275 in unsecured debts. (This amount adjusted on April 2019. The next adjustment will be April 2022. The amount for cases filed before April 2019 is $394,725.)
The Means Test for Chapter 7 The means-test requires borrowers to earn below a specified income. The income is based on the median income of similar household size. The median income is determined by the U.S. Census and is updated frequently.
To take the means test, you must first compare your monthly income in the six months before you file for bankruptcy to the median income in your state. If your income is less than the median, you have passed the means test and are eligible to use Chapter 7.