The Wisconsin Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a document used in Chapter 13 bankruptcy cases in Wisconsin. It is used to calculate the amount of money you can pay each month to your creditors and the length of your repayment plan. This document includes information about your current income, expenses, and debts. It also includes a calculation of your monthly income, expenses, and the total amount you need to pay. There are two types of Wisconsin Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period: the original statement, filed at the start of your bankruptcy case, and the amended statement, filed if your circumstances change.
Wisconsin Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
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Wisconsin
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WI-SKU-0085
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Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
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FAQ
Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income. You'd are responsible to pay this amount to creditors each month.
The Means Test This test uses a complex formula that takes the gross income for the 6 month period above, and then subtracts out only certain allowed IRS-budgeted expenses items, and ongoing secured debt obligations.
That means both taxed and untaxed income, including wages, salary, tips, bonuses, interest, dividends, royalties, retirement income, unemployment and workers' compensation, and others.
Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
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.
The Means Test This test uses a complex formula that takes the gross income for the 6 month period above, and then subtracts out only certain allowed IRS-budgeted expenses items, and ongoing secured debt obligations.
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.
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.