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Section 101(10A) of the Bankruptcy Code. This may include income and payments from some unexpected sources. As expected, all income from your employer is included?all gross wages or salary, as well as any tips, overtime, shift differentials, and commissions, WITHOUT subtracting any tax or other deductions.
Colorado Bankruptcy Court Voice Case Information System: 866-222-8029 ext. CM/ECF Help Desk: 720-904-7450.
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.
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. While that may seem like a waste of time ? why not just take one month instead of adding six, then dividing by six?
The biggest difference between Chapter 7 and Chapter 13 is that Chapter 7 focuses on discharging (getting rid of) unsecured debt such as credit cards, personal loans and medical bills while Chapter 13 allows you to catch up on secured debts like your home or your car while also discharging unsecured debt.
If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing. If the percentage is less than 25 percent, the debtor will most likely survive the means test and be allowed to continue with a Chapter 7 filing.
If the bankruptcy means test shows that your household income is less than the median household in your state, you pass the Chapter 7 means test. If your average income exceeds the median income, you may still be eligible for Chapter 7 bankruptcy based on the extended means test calculation.
Use the contact form on the court's website to request a discharge order, petition and schedules, or order of dismissal. The clerk's office will reply to the email and attach the requested documents in PDF format. Each request must contain the debtor's name and case number, and specify the documents being requested.