Chapter 7 Fill Form 2a
Description
How to fill out Discharge Of Joint Debtors - Chapter 7 - Updated 2005 Act Form?
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FAQ
You may hear it called a ?liquidation? bankruptcy because your trustee can liquidate, or sell off, an nonexempt property. This might sound scary but rest assured that most Chapter 7 filers do not lose any property because their property is protected by exemptions.
Examples of nonexempt assets that can be subject to liquidation: Additional home or residential property that is not your primary residence. Investments that are not part of your retirement accounts. An expensive vehicle(s) not covered by bankruptcy exemptions.
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.
Calculation of Current Monthly Income: To begin the means test, debtors calculate their current monthly income, which equates to twice the gross income earned in the six months leading up to the bankruptcy filing.
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.