Illinois Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 - Post 2005
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How to fill out Statement Of Current Monthly Income And Disposable Income Calculation For Use In Chapter 13 - Post 2005?
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FAQ
To calculate your monthly payment amount in a Chapter 13 bankruptcy, calculate your income for the six months before your bankruptcy filing. Deduct allowable expenses to determine your disposable income. Pay your priority debtors and any secured debts that you want to keep after the bankruptcy.
The Chapter 13 disposable income test is the court's way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Prior to approving any chapter 13 repayment plan, you must show that what you are paying is your best effort.
If you can't make your Chapter 13 bankruptcy payments, you can file a motion with the court to ask for a hardship discharge. This might allow you to be discharged from your payment obligations without completing the full repayment plan. A bankruptcy hardship discharge is a court-ordered relief from your debts.
What is Disposable Personal Income? After-tax income. The amount that U.S. residents have left to spend or save after paying taxes is important not just to individuals but to the whole economy. The formula is simple: personal income minus personal current taxes.
As long as your plan meets the requirements set out above, however, and you have enough income to make the payments, the judge should approve it. Many low-income filers have little or no nonexempt property, and no disposable income left after paying their bills and expenses.
Your plan payment will be based on your budget. The bankruptcy court will usually approve your Chapter 13 plan even if you're paying little or nothing to your nonpriority unsecured creditors, regardless of how much disposable income you have.
Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income. You'd are responsible to pay this amount to creditors each month.
A Chapter 13 zero percent plan is a repayment plan that doesn't pay nonpriority unsecured debts, like credit card bills, personal loans, and medical balances. If your income is low enough to qualify for Chapter 7, your bankruptcy court might offer this option.