The Massachusetts Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is a specific legal document required for individuals or businesses filing for Chapter 11 bankruptcy in Massachusetts. This statement plays a crucial role in determining the debtor's financial circumstances and their ability to meet current monthly expenses. The purpose of the Massachusetts Statement of Current Monthly Income is to provide an accurate representation of the debtor's income sources and amounts received on a monthly basis. It includes various types of income, such as wages, salaries, self-employment earnings, rental income, retirement benefits, and any other regular income streams. Moreover, this statement requires the debtor to disclose their monthly expenses, including but not limited to housing costs, utilities, transportation expenses, food, clothing, medical expenses, education costs, and any other necessary expenses. The accuracy and completeness of this information are vital for calculating the debtor's disposable income. The Massachusetts Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 also considers the debtor's income from non-mortgage secured debts, such as car loans or loans against assets. These debts are separately listed to determine the monthly installments or payments associated with them. It is important to note that different types of Massachusetts Statement of Current Monthly Income may exist, depending on the specific circumstances of the debtor. For instance, there could be variations for individual debtors versus joint debtors, or for debtors with primarily business-related income versus those with primarily consumer-related income. To accurately complete the Massachusetts Statement of Current Monthly Income, debtors must gather relevant financial documents, such as pay stubs, tax returns, bank statements, rental agreements, and proof of other sources of income. These documents help validate the accuracy of the income and expense figures entered the statement. While the precise format and specific requirements may vary slightly, the Massachusetts Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is an essential document in the bankruptcy process. By providing a comprehensive overview of the debtor's financial situation, it assists the bankruptcy court in assessing the debtor's ability to successfully reorganize their financial affairs and meet their obligations under Chapter 11 bankruptcy laws in Massachusetts.
Massachusetts Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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Calculation of Current Monthly Income: To begin the means test, debtors calculate their current monthly income, which equates to twice the gross income earned in the six months leading up to the bankruptcy filing.
Domestic support obligations, such as alimony or child support, and other court-ordered payments, including arrearage balances, can be deducted on the means test. The larger the arrearage balance, the more significant the benefit. Child care.
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.
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. However, if your disposable income is more than a certain sum, you will not be able to file.
The first considers whether the filer's income is below the Chapter 7 income limit, which is the median in the state where the petition is filed. If income is less than the median for the prior six months and there is no reason to assume it will soon increase, the test is passed, and the Chapter 7 filing can proceed.
If the debtor's monthly income of the past 6 months, not including the filing month, is lower than the median income in the state, the debtor has passed the means test automatically.
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.