The Nebraska Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is a crucial document required during bankruptcy proceedings. This statement plays a significant role in determining an individual's eligibility to file for Chapter 7 bankruptcy and assesses their income and financial situation. In Nebraska, there are multiple variations of the Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005, which are designed to accommodate different circumstances and categories of individuals. These variations include: 1. Individual Nebraska Statement of Current Monthly Income and Means Test Calculation: This form is intended for individuals who are filing for bankruptcy as singular entities. It involves the evaluation of an individual's income, expenses, and debts to determine their disposable income. 2. Joint Nebraska Statement of Current Monthly Income and Means Test Calculation: This form is applicable when a married couple, who jointly file for bankruptcy under Chapter 7, combines their financial information. It assesses the combined income, expenses, and debts of both individuals to determine their eligibility for Chapter 7 bankruptcy. The Nebraska Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 requires detailed information, including but not limited to: 1. Monthly Income: Individuals must provide accurate details of all sources of income for the past six months. This includes wages, salaries, self-employment income, rental income, spousal support, and any other applicable sources. 2. Deductions and Expenses: Individuals are required to disclose various deductions and expenses, such as taxes, insurance, childcare costs, healthcare expenses, transportation costs, and other necessary expenses relevant to their situation. 3. Means Test Calculation: The means test is a critical component of the Statement, aiming to determine if the individual's income falls below the state median income or if they have sufficient disposable income to pay off debts. The test considers income, household size, and various financial factors to evaluate the debtor's qualifications for Chapter 7 bankruptcy. It is crucial to complete the Nebraska Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 accurately and honestly as any misinformation could lead to serious legal consequences or delays in the bankruptcy process. Hiring a qualified bankruptcy attorney can be immensely helpful in ensuring the completion of this document and navigating the complex bankruptcy procedures successfully.
Nebraska Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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FAQ
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.
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.
Income is calculated by looking at the debtor's income for the six-months prior to filing. A debtor who previously had a higher income but has been laid off in the last year, for example, would be able to rely on their most recent income to satisfy 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.
In the test, you compare your income with the median income of a similar size household in your state. If your income is lower, you pass the test.
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.
The U.S. bankruptcy code doesn't specify a minimum dollar amount someone must owe to make them eligible for a qualified filing. In short, any debt is enough debt. More important than the size of your debt is the size of your income. How much money you earn affects whether you qualify for Chapter 7.
If you would like to file a Chapter 7 bankruptcy you must pass the Nebraska means test. The test only applies to higher income filers which means that if your income is below the Nebraska median for your household size you are exempt from the test and may file a Chapter 7.