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Hawaii Chapter 11 Statement of Your Current Monthly Income

State:
Hawaii
Control #:
HI-SKU-0099
Format:
PDF
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Chapter 11 Statement of Your Current Monthly Income

The Hawaii Chapter 11 Statement of Your Current Monthly Income is a form that is required to be completed before filing for Chapter 11 bankruptcy in Hawaii. This document provides a snapshot of a debtor’s financial situation and helps the court and creditors determine the debtor’s ability to repay their debts. It is important to accurately complete the form, as it is used to determine a debtor’s eligibility for relief under Chapter 11. The Hawaii Chapter 11 Statement of Your Current Monthly Income includes two parts. Part I is used to calculating the debtor’s disposable income, which is the amount of money the debtor has left over after paying their necessary expenses. Part II is used to calculate the debtor’s total monthly income. This includes wages, salaries, public benefits, Social Security, pensions, rental income, and any other sources of income. The information provided in the Hawaii Chapter 11 Statement of Your Current Monthly Income is used to determine whether the debtor qualifies for Chapter 11 bankruptcy relief and what kind of repayment plan they will be required to submit. It is important to accurately complete the form in order to ensure the court and creditors have an accurate picture of the debtor’s financial situation.

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You must file this form if you are an individual and are filing for bankruptcy under Chapter 11. Some of the information needed to complete these forms, such as a debtor's current monthly income, comes from the debtor's own personal records.Discussion Points for Question 2. ▫Chapter 11 Statement of Your Current Monthly. Understand the differences between Chapter 11 and Chapter 13 bankruptcy, as well as the income and debt level requirements for both. In a Chapter 7 bankruptcy, the assets of a business are liquidated to pay its creditors, with secured debts taking precedence over unsecured debts. Chapter 7: Form 22A-2, Means Test Calculation. Chapter 11: Form 22B, Statement of Your Current. 11 U.S.C.S. § 704(a)(2); see also Bankruptcy Rule 2015. To file Chapter 7 bankruptcy, your income must be low and you cannot have too much property.

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Hawaii Chapter 11 Statement of Your Current Monthly Income