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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.
To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
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.
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.
How Is Disposable Income Calculated? Your last six months of income divided by six to get average monthly income. If you own a business or work for yourself, you must calculate average monthly income. Any money you get from rent on an asset you own, interests, dividends or royalties.
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.
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.
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.