The Indiana Statement of Current Monthly Income and Disposable Income Calculation is a crucial document used in filing for Chapter 13 bankruptcy in the state of Indiana after the year 2005. This statement plays a vital role in determining whether an individual or business is eligible for Chapter 13 bankruptcy and aids in determining the repayment plan that will be proposed to the court. The "Statement of Current Monthly Income" section of the document requires the debtor to disclose their average monthly income from all sources for the six months immediately preceding the bankruptcy filing. This includes wages, commissions, business income, rental income, and other sources of revenue. In addition to regular income, any unemployment compensation, pension, or retirement benefits received during this period must also be included. The "Disposable Income Calculation" section aims to compute the amount of income remaining after deducting certain allowable expenses from the debtor's current monthly income. These expenses include necessary living expenses, such as housing, utilities, food, transportation, and healthcare costs. Additionally, expenses related to secured debts, support obligations, and ongoing business operations are considered. The calculation also factors in any court-ordered payments, such as child support or alimony. Multiple forms of the Indiana Statement of Current Monthly Income and Disposable Income Calculation may exist depending on factors such as the debtor's employment status and the nature of their income sources. For example, self-employed individuals may have an additional worksheet to account for their business-related income and expenses. In conclusion, the Indiana Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005 is an essential document for individuals or businesses considering filing for Chapter 13 bankruptcy in Indiana. It helps assess income levels and calculates disposable income after deducting allowable expenses, allowing debtors to propose a feasible repayment plan to the court.
Indiana Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 - Post 2005
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You can't pay more than your disposable income in Chapter 13, because your disposable income represents all earnings that remain after paying required debts. However, there is another step in the Chapter 13 payment calculation, and if you don't meet the criteria, the judge won't approve your plan.
The means test compares a debtor's income for the previous six months to what he or she owes on debts. If a person has enough money coming in to gradually pay down debts, the bankruptcy judge is unlikely to allow a Chapter 7 discharge.
The disposable income calculation starts with your gross income. You must also be a wage earner in order to file a Chapter 13. Then, certain expenses are deducted based on an IRS deduction. The deduction is based upon a national average, taking into consideration the metropolitan area you live.
For an individual, gross income is your total pay, which is the amount of money you've earned before taxes and other items are deducted. From your gross income, subtract the income taxes you owe. The amount left represents your disposable income.
After subtracting all the allowed expenses from your ?current monthly income,? the balance is your ?disposable income.? If you have no disposable income ? your allowed expenses exceed your ?current monthly income? ? then you've passed the means test.
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.
For a Chapter 13, the ?Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period? (Form 122C-1) tells the court your average monthly income. Your income is compared to the median income for your state, which will assist in calculating your disposable income.
The documents in your repayment plan include income information on monthly expenses, assets, and debts. The trustee confirms those figures by using your tax returns, paycheck stubs, bank statements, etc. It's not expressly the job of the trustee to keep checking your pay stubs or direct deposits for wage increases.