The New Hampshire Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is a crucial document in the bankruptcy process for individuals or businesses filing for Chapter 11 bankruptcy in the state of New Hampshire. This statement provides a detailed breakdown of the debtor's current monthly income and expenses, helping bankruptcy authorities assess the debtor's financial situation and determine the feasibility of a Chapter 11 repayment plan. In New Hampshire, there may not be different types of Statement of Current Monthly Income specifically tailored for Chapter 11 — Post 2005. However, variations of this form exist for different types of bankruptcy cases, such as Chapter 7 or Chapter 13 bankruptcy. Keywords: New Hampshire, Statement of Current Monthly Income, Chapter 11, post-2005, bankruptcy, debtor, financial situation, repayment plan, Chapter 7, Chapter 13.
New Hampshire Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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How to fill out Statement Of Current Monthly Income For Use In Chapter 11 - Post 2005?
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FAQ
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.
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.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
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.
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.
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 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.