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  • Official Form 122a 1 - United States Bankruptcy Court - Ilsb Uscourts

Get Official Form 122a 1 - United States Bankruptcy Court - Ilsb Uscourts

Fill in this information to identify your case: Check one box only as directed in this form and in Form 122A1Supp: Debtor 1 Debtor 2 First Name (Spouse, if filing) First Name Middle Name Last Name.

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Related content

Chapter 7 Statement of Your Monthly Income...
page 1. Official Form 122A─1. Chapter 7 Statement of Your Current Monthly Income. 12/15...
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The purpose of the means test is to see that if the debtor is abusing the bankruptcy system by filing Chapter 7 bankruptcy cases even though they could afford to pay at least some of their debts. Therefore, the means test is mainly testing the ability of the debtor to pay the creditor(s).

What Are the Three Ways to Pass the Chapter 7 Means Test? You're exempt. People who qualify automatically don't have to take the means test. You don't make a lot of money. You'll qualify if your gross income is within your state's Chapter 7 bankruptcy income limits. You make a lot, but you're still broke.

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.

Official Form 122A─1. Chapter 7 Statement of Your Current Monthly Income.

Calculating your Household Income To determine your Chapter 7 bankruptcy income limit, add the last six months of your gross income – this is what you earned before taxes and other deductions were taken out. Divide that number by six.

REVISED – Official Form 122A-1: Chapter 7 Statement of Your Current Monthly Income replaces Official Form 22A-1, Statement of Your Current Monthly Income in cases of individual debtors.

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 is used to determine how long the debtor must stay in bankruptcy and how much the debtor must pay to unsecured creditors. This Note summarizes the calculation of the debtor's current monthly income and the calculation of the debtor's disposable monthly income, the steps of which comprise the means test.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232