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Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation

State:
Hawaii
Control #:
HI-SKU-0049
Format:
PDF
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Description

Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation The Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation is a form required for filing bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. This form is used to determine the debtor's eligibility for a Chapter 7 bankruptcy. The form requires the debtor to provide their current monthly income, expenses, assets, and liabilities. It also requires the debtor to complete a means test calculation to determine if they are eligible to file for Chapter 7 bankruptcy. The statement of current monthly income and means-test calculation are divided into two main types: the Family Median Income Test and the Non-Exempt Asset Test. The Family Median Income Test is used to determine if the debtor's current monthly income is above the median income for their family size in the state of Hawaii. If the debtor's income is above the median income, they may not be eligible to file for Chapter 7 bankruptcy. The Non-Exempt Asset Test is used to determine if the debtor has more assets than allowed by the bankruptcy code. If the debtor's assets exceed the allowable limits, they may not be eligible to file for Chapter 7 bankruptcy. The Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation is an important form that must be accurately completed in order for the debtor to be eligible to file for Chapter 7 bankruptcy.

The Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation is a form required for filing bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. This form is used to determine the debtor's eligibility for a Chapter 7 bankruptcy. The form requires the debtor to provide their current monthly income, expenses, assets, and liabilities. It also requires the debtor to complete a means test calculation to determine if they are eligible to file for Chapter 7 bankruptcy. The statement of current monthly income and means-test calculation are divided into two main types: the Family Median Income Test and the Non-Exempt Asset Test. The Family Median Income Test is used to determine if the debtor's current monthly income is above the median income for their family size in the state of Hawaii. If the debtor's income is above the median income, they may not be eligible to file for Chapter 7 bankruptcy. The Non-Exempt Asset Test is used to determine if the debtor has more assets than allowed by the bankruptcy code. If the debtor's assets exceed the allowable limits, they may not be eligible to file for Chapter 7 bankruptcy. The Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation is an important form that must be accurately completed in order for the debtor to be eligible to file for Chapter 7 bankruptcy.

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Hawaii Chapter 7 Statement of Your Current Monthly Income and Means-Test Calculation