District of Columbia Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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How to fill out Statement Of Current Monthly Income For Use In Chapter 11 - Post 2005?
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FAQ
Form Number: B 122A-1. Category: Means Test Forms. Effective onDecember 1, 2019. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
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.
For individuals, gross monthly income is the total amount of money received in a given month before any deductions, including taxes. The sum of your gross monthly income comprises financial earnings from all available sources, including but not limited to: Regular wages or salary. Overtime, bonuses or commissions.
Actual income means income already received in the initial month plus all the income that reasonably may be expected to be received within the initial month.¶
The Means Test and Chapter 13 DMI is determined by subtracting some allowable expenses and deductions from a debtor's CMI. Some allowable deductions and expenses include employment taxes, mortgage payments, and health insurance.
If you earn an annual salary, you can take the total value of your salary and divide it by 12, the number of months in the year, to find your gross monthly income.
Here is the formula for determining your ?gross monthly income?: Multiply the hourly amount (for example $14/hr.) by the number of hours worked (40 hrs./week is a full-time schedule) by 52 weeks in a year and then divide that amount by 12. This means your ?gross monthly income? is $2426.66/mos.
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.