This form is for post 2005 act cases.
Colorado Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
Instant download
This website is not affiliated with any governmental entity
Public form
Description
How to fill out Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
US Legal Forms - one of the most significant libraries of legitimate types in the United States - gives an array of legitimate record web templates you may acquire or printing. While using internet site, you will get a huge number of types for company and specific purposes, categorized by classes, states, or key phrases.You will discover the latest variations of types much like the Colorado Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005 in seconds.
If you already possess a registration, log in and acquire Colorado Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005 from the US Legal Forms library. The Download key will show up on each and every develop you perspective. You have accessibility to all in the past acquired types inside the My Forms tab of your profile.
In order to use US Legal Forms initially, here are basic recommendations to get you started out:
- Make sure you have chosen the proper develop for your personal metropolis/area. Select the Review key to examine the form`s articles. Browse the develop outline to actually have chosen the proper develop.
- If the develop does not fit your demands, make use of the Research discipline towards the top of the display to obtain the one which does.
- If you are satisfied with the shape, confirm your decision by clicking the Acquire now key. Then, select the costs prepare you like and provide your qualifications to sign up for the profile.
- Approach the transaction. Utilize your charge card or PayPal profile to finish the transaction.
- Pick the formatting and acquire the shape on your own gadget.
- Make modifications. Load, modify and printing and signal the acquired Colorado Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005.
Each and every template you included with your money does not have an expiry time and it is your own property permanently. So, if you want to acquire or printing another backup, just check out the My Forms segment and then click in the develop you want.
Get access to the Colorado Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005 with US Legal Forms, one of the most considerable library of legitimate record web templates. Use a huge number of expert and state-specific web templates that meet up with your small business or specific demands and demands.
Form popularity
FAQ
Form 122A-1. This form is called the ?Chapter 7 Statement of Your Current Monthly Income.? This document simply helps you determine whether your income is below the median income of your state. If it is below the median, you have passed the means test. That means the other two forms in this list will not apply to you.
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.
That means both taxed and untaxed income, including wages, salary, tips, bonuses, interest, dividends, royalties, retirement income, unemployment and workers' compensation, and others.
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.
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 first considers whether the filer's income is below the Chapter 7 income limit, which is the median in the state where the petition is filed. If income is less than the median for the prior six months and there is no reason to assume it will soon increase, the test is passed, and the Chapter 7 filing can proceed.
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.