The Nebraska Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is a legal document that is specifically used in bankruptcy cases within the state of Nebraska. It plays a crucial role in determining the financial status of an individual or business seeking relief under Chapter 11 of the United States Bankruptcy Code. This statement is designed to assess the debtor's current monthly income, which includes all sources of income received regularly. It serves as a benchmark to calculate the applicable repayment plan and determine the debtor's ability to pay off debts over time. The form generally requires detailed information about the debtor's income, such as salary, wages, self-employment earnings, rental income, and any other substantial revenue streams. There may be different variations or versions of the Nebraska Statement of Current Monthly Income for Use in Chapter 11 — Post 2005. These variations might include specific modifications to accommodate unique circumstances or additional fields for supplementary income sources. However, the core purpose of the form remains consistent throughout its different iterations: assessing the debtor's financial stability and establishing a feasible repayment plan. Debtors are required to accurately and comprehensively complete the statement, disclosing all relevant financial information and sources of income. The court, creditors, and trustees rely on this information to evaluate the debtor's financial situation, determine the fair allocation of available funds, and ensure compliance with bankruptcy laws. It is crucial for debtors to seek professional legal assistance when completing the Nebraska Statement of Current Monthly Income for Use in Chapter 11 — Post 2005. An experienced bankruptcy attorney can provide guidance, ensure accurate completion of the form, and assist in developing a strong case for bankruptcy relief. Overall, the Nebraska Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 serves as a critical tool in determining the financial status of debtors seeking bankruptcy protection. Its accurate completion and submission are crucial steps in the Chapter 11 bankruptcy process, enabling debtors to navigate through legal proceedings and work towards resolving their financial hardships.
Nebraska Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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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.
For individuals, gross monthly income is the total amount of money received in a given month before any deductions, including taxes. The sum of your gross monthly income comprises financial earnings from all available sources, including but not limited to: Regular wages or salary. Overtime, bonuses or commissions.
Actual income means income already received in the initial month plus all the income that reasonably may be expected to be received within the initial month.¶
Official Form 122A-1 (Chapter 7 Statement of Your Current Monthly Income), Official Form 122A-1Supp (Statement of Exemption from Presumption of Abuse Under § 707(b)(2)), and Official Form 122A-2 (Chapter 7 Means Test Calculation) (collectively the ?122A Forms?) are designed for use in chapter 7 cases.
Current monthly income (CMI) is the average income from all sources in the six months prior to filing for bankruptcy. A person's CMI determines their eligibility for Chapter 7 bankruptcy which requires a person's CMI to be below the state median or pass a multi-factored 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.
Here is the formula for determining your ?gross monthly income?: Multiply the hourly amount (for example $14/hr.) by the number of hours worked (40 hrs./week is a full-time schedule) by 52 weeks in a year and then divide that amount by 12. This means your ?gross monthly income? is $2426.66/mos.
If you earn an annual salary, you can take the total value of your salary and divide it by 12, the number of months in the year, to find your gross monthly income.