The Maryland Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005 is an essential document in the bankruptcy process. This form is specifically designed for individuals filing for Chapter 13 bankruptcy in Maryland and plays a crucial role in determining the debtor's financial status and repayment plan. In this detailed description, we will discuss the purpose, components, variations, and significance of the Maryland Statement of Current Monthly Income and Disposable Income Calculation in Chapter 13 bankruptcy cases post-2005. 1. Purpose: The primary purpose of the Maryland Statement of Current Monthly Income and Disposable Income Calculation is to assess the debtor's ability to repay debts under a Chapter 13 bankruptcy plan. It helps in evaluating the debtor's current monthly income, average monthly expenses, and the amount of disposable income available for debt repayment. 2. Components: The Maryland Statement of Current Monthly Income and Disposable Income Calculation typically consists of several sections, including: a. Introduction: This section provides the debtor's identifying information, including name, address, contact details, and case number. b. Current Monthly Income: This section requires the debtor to disclose their average monthly income from various sources, such as employment, self-employment, rental income, pension, and government benefits, for the last six months. c. Deductions: Here, the debtor can subtract certain allowable deductions, including taxes, retirement contributions, health insurance premiums, childcare expenses, and other necessary expenses. d. Disposable Income Calculation: This crucial section determines the monthly amount available for repayment by subtracting the approved deductions from the debtor's current monthly income. e. Plan Length and Amount: The debtor must indicate their proposed Chapter 13 plan length (usually 3-5 years) and specify the monthly amount they intend to contribute towards debt repayment. 3. Variations: While there may not be specific variations of the Maryland Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005, it is important to note that the form may be updated or modified periodically to reflect any regulatory or legal changes. Debtors should always ensure they are using the most recent version of the form provided by the Maryland Bankruptcy Court or consult with their bankruptcy attorney. 4. Significance: The Maryland Statement of Current Monthly Income and Disposable Income Calculation is of paramount importance for both debtors and the bankruptcy court. It serves as a basis for developing a feasible Chapter 13 repayment plan, determining the length of the plan, and calculating the disposable income available for distribution to creditors. Accuracy and completeness of the information provided in this form are crucial to ensure fair and equitable debt resolution. In summary, the Maryland Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005 is a vital component of the bankruptcy process in Maryland. By assessing the debtor's income, expenses, and disposable income, it helps to establish an effective and manageable repayment plan within the Chapter 13 framework. The form aids debtors in seeking financial relief while ensuring a fair distribution of funds to creditors.
Maryland Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 - Post 2005
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FAQ
Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income.
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.
These can include expenses all households must take on monthly, including: Rent or home mortgage payments. Utilities like electricity, natural gas, cable TV, internet service and phone service. Municipal services like water, sewer and trash pickup.
In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income.
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.
A Chapter 13 petition for bankruptcy will likely necessitate a $500 to $600 monthly payment, especially for debtors paying at least one automobile through the payment plan. However, since the bankruptcy court will consider a large number of factors, this estimate could vary greatly.
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.