This form is for post 2005 act cases.
Arizona Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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How to fill out Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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Form 122A-1: Chapter 7 Statement of Your Current Monthly Income. Form 122A-1 focuses on your marital and filing status, as well as your monthly income as compared to your state's median income.
If you are part of a Chapter 7 bankruptcy and your income increases, speak with an attorney about whether you need to inform the court. The increase may not change your circumstances since a Chapter 7 bankruptcy is based on your financial circumstances at the time of your filing.
If a filer qualifies for an exception to the means test, they will file Form 122A-1Supp. 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.
To calculate your six-month average gross income, you first need to add up your wages, salaries, and tips for the past six months. Then, divide that number by six to get your average monthly income. If you receive any income from sources other than employment, you'll need to factor that in as well.
When you file for Chapter 7 bankruptcy, you will have to complete a form called the Statement of Intention for Individuals Filing Under Chapter 7. On this form, you tell the court whether you want to keep your secured and leased property?such as your car, boat, or home?or let it go back to the creditor.
Current monthly income (CMI) is the average income from all sources in the six months prior to filing for bankruptcy. A person's CMI determines their eligibility for Chapter 7 bankruptcy which requires a person's CMI to be below the state median or pass a multi-factored test.
Your average household income is determined by averaging your monthly income over the last six calendar months. If you are over the median income limit and your income has declined over the last six months, then waiting one or more months might bring your income under the median level for California.
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." The higher your disposable income, the more likely you won't be allowed to use Chapter 7 bankruptcy.