The Guam Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005, is an important financial document used in bankruptcy proceedings. It helps determine an individual's eligibility for Chapter 7 bankruptcy by assessing their current monthly income and comparing it to the median income for their household size in Guam. The means test calculation takes into account various sources of income, such as wages, salary, tips, business profits, rental income, and more. It aims to evaluate the debtor's ability to repay creditors and determines whether Chapter 7 bankruptcy is feasible or if the debtor must consider alternative debt relief options. In Guam, there are three main types of Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005, based on the debtor's circumstances: 1. Form B122A-1: This is used for debtors whose income is primarily derived from employment and who are subject to the means test. 2. Form B122A-2: This form applies to debtors who are primarily engaged in a business, trade, or profession. 3. Form B122A-1 Supp: This supplementary form is used for debtors with primarily non-consumer debts, such as business-related debts or tax obligations. Completing these forms accurately is crucial, as any errors or omissions can impact the outcome of the bankruptcy case. Additionally, it is advisable to seek legal counsel or professional assistance when preparing these documents to ensure compliance with Guam's bankruptcy laws and regulations. Overall, the Guam Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005, serves as a crucial tool in assessing an individual's eligibility for Chapter 7 bankruptcy, ensuring fairness and proper evaluation in the bankruptcy process.
Guam Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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How to fill out Guam Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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? income can vary month to month, and the means test finds the average. Your figure should include not only your wages, but also rental income, child support, alimony, pension or other regular monthly income. Social Security income does not count.
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.
This formula takes a look at the amount of disposable income compared to the level of 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.
The Chapter 7 means test determines whether allowing someone to discharge their debts would be an abuse of the bankruptcy system. If your gross income based on the six months before filing bankruptcy is below the median income for your state, you pass the means test.
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.
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 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.