This form is for post 2005 act cases.
Kansas Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
Instant download
This website is not affiliated with any governmental entity
Public form
Description
How to fill out Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
Discovering the right legitimate file template can be quite a battle. Naturally, there are a lot of web templates available on the net, but how can you discover the legitimate develop you will need? Utilize the US Legal Forms web site. The support gives 1000s of web templates, including the Kansas Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005, which you can use for business and personal demands. All the varieties are checked by professionals and meet up with state and federal specifications.
In case you are currently signed up, log in to your account and click on the Down load option to obtain the Kansas Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005. Make use of account to look from the legitimate varieties you may have purchased formerly. Check out the My Forms tab of your account and get another duplicate from the file you will need.
In case you are a new customer of US Legal Forms, allow me to share straightforward directions so that you can adhere to:
- Very first, be sure you have selected the proper develop for your personal metropolis/region. You may look over the form while using Preview option and study the form explanation to make sure this is basically the best for you.
- In case the develop will not meet up with your preferences, take advantage of the Seach field to get the correct develop.
- Once you are sure that the form would work, go through the Get now option to obtain the develop.
- Opt for the pricing prepare you desire and enter the essential info. Build your account and pay for your order using your PayPal account or Visa or Mastercard.
- Pick the submit file format and acquire the legitimate file template to your device.
- Full, modify and printing and indicator the obtained Kansas Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005.
US Legal Forms will be the largest library of legitimate varieties where you can see numerous file web templates. Utilize the company to acquire skillfully-made documents that adhere to state specifications.
Form popularity
FAQ
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 Chapter 7 means test determines whether allowing someone to discharge their debts would be an abuse of the bankruptcy system. If your gross income based on the six months before filing bankruptcy is below the median income for your state, you pass the means 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.
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 a filer qualifies for an exception to the means test, they will file Form 122A-1Supp. You can earn a high income and still pass the means test if you have substantial expenses like a hefty mortgage, multiple car payments, taxes, childcare, health care, or care of an elderly or disabled person.
This formula takes a look at the amount of disposable income compared to the level of unsecured debt. If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing.