The Hawaii Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is an essential document used in bankruptcy proceedings. This legal form assists individuals filing for Chapter 7 bankruptcy in Hawaii by determining their eligibility for this financial relief. The form is split into two components: the Statement of Current Monthly Income and the Means Test Calculation. These sections are crucial in determining an individual's disposable income and their ability to repay debts. The Statement of Current Monthly Income requires the filer to provide comprehensive details regarding their income sources over the past six months. This information includes employment earnings, self-employment income, rental income, and any additional funds acquired during this period. Accurately reporting income is vital since it helps calculate the filer's monthly average earnings. On the other hand, the Means Test Calculation determines whether an individual's income surpasses the state median income and analyzes their disposable income. This calculation involves subtracting specific monthly expenses from the filer's average monthly income to establish if they have enough disposable income to repay their debts. It is important to note that there are variations of the Hawaii Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005, tailored for specific circumstances: 1. Individual and Joint Filer: This version is for individuals filing bankruptcy independently or jointly with their spouse. This form allows couples to present their combined income and evaluate their eligibility collectively. 2. Business Bankruptcy: This specific variation focuses on self-employed individuals or business owners who seek relief from both personal and business-related debt. It includes a thorough examination of business income and expenses, ensuring a comprehensive assessment. 3. High-Income Individuals: Certain individuals with higher incomes may face additional scrutiny during the means test calculation. This specialized version takes into account different thresholds when evaluating the filer's eligibility for Chapter 7 bankruptcy. The Hawaii Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is an essential document in the bankruptcy process, aiding individuals in assessing their financial situation and determining their eligibility for Chapter 7 relief. Filling out this form accurately and thoroughly is crucial to ensure a smooth bankruptcy proceeding and a fresh start.
Hawaii Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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How to fill out Hawaii Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
The vast majority of applicants pass the test on step one. Those who don't, move to step two. Step two requires a petitioner to document how much of his or her money was spent on essentials like rent or a mortgage, food, clothes and medical bills. These are deemed allowable expenses since they are essential to living.
In a Chapter 7 bankruptcy, when the debtor's current monthly income exceeds the family median income for his or her state, and the debtor cannot pass the means test, the court will presume the debtor is attempting to abuse the bankruptcy code, and that the debtor has enough money for a Chapter 13 bankruptcy plan.
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.
The means test, which is the Chapter 7 means test, is a formula that uses in bankruptcy law to decide if the debtor is eligible for Chapter 7 bankruptcy. If the debtor fails the means test, the debtor can only apply for Chapter 13 bankruptcy.
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.
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.