Indiana Chapter 7 Statement of Your Current Monthly Income is a form used to declare your current monthly income to the court. This form is part of the bankruptcy filing process in Indiana and must be completed by the debtor. It requires information about the debtor’s employment, wages, pension, Social Security benefits, alimony, child support, unemployment benefits, annuities, rental income, other sources of income, and expenses. There are two types of Indiana Chapter 7 Statement of Your Current Monthly Income. The first type is for individuals, and the second type is for non-individuals, such as corporations or partnerships. Both forms require the same information, but there are some additional requirements for non-individuals. Additionally, non-individuals must list their assets, liabilities, and other financial information.
Indiana Chapter 7 Statement of Your Current Monthly Income
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How to fill out Indiana Chapter 7 Statement Of Your Current Monthly Income?
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FAQ
An income statement is a financial statement that shows you the company's income and expenditures. It also shows whether a company is making profit or loss for a given period. The income statement, along with balance sheet and cash flow statement, helps you understand the financial health of your business.
Asset and No-Asset Cases in Chapter 7 Any debt you fail to list in an asset case won't be discharged. If, however, yours is a no-asset Chapter 7 bankruptcy (there's no money to repay creditors), the debt still might be discharged.
It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts. Although it was designed to restrict the number of debtors who can get their debts forgiven through a Chapter 7 bankruptcy, most people who take the means test pass it easily.
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.
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.
When filing for Chapter 7 bankruptcy, you need to total up all of your regular monthly income and then deduct any expenses that the court requires. This will give you your disposable income. This will offer you an estimate of your monthly discretionary income, which you may put toward paying back your debts.
From your gross income, subtract the income taxes you owe. The amount left represents your disposable income.
Expenses That Will Help You Pass the Chapter 7 Means Test House, car, and other secured debt payments.Overdue taxes.Court-ordered payments and arrearages.Child care.Involuntary deductions.Health, disability, or term life insurance.Other healthcare expenses.Education for employment or a disabled child.