The Oklahoma Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is a critical financial document that plays a significant role in bankruptcy proceedings in the state of Oklahoma. In this detailed description, we will explore the purpose and various types of Oklahoma Statement of Current Monthly Income for Use in Chapter 11 — Post 2005. The primary aim of the Oklahoma Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is to assess an individual or business's current monthly income in order to determine eligibility, repayment plans, and potential debt discharge in a Chapter 11 bankruptcy case. This document is crucial as it sets the foundation for the financial aspects of the bankruptcy process. 1. Types of Oklahoma Statement of Current Monthly Income for Use in Chapter 11 — Post 2005: a. Individual Debtor Statement of Current Monthly Income: This type of statement is specific to individual filers seeking Chapter 11 bankruptcy protection. It requires the debtor to disclose all sources of income, including wages, self-employment earnings, rental income, retirement benefits, and any other regular income streams. b. Joint Debtor Statement of Current Monthly Income: In cases where a married couple files for Chapter 11 bankruptcy jointly, this statement is utilized. Each spouse is required to provide a comprehensive breakdown of their monthly income sources and amounts. This ensures that the court has a complete picture of the household's financial situation. c. Business Debtor Statement of Current Monthly Income: For businesses or corporations seeking Chapter 11 bankruptcy protection, this statement is used. It focuses on the income derived from the business operations, such as sales revenue, profits, and any additional sources of income related to the entity. 2. Key Elements of Oklahoma Statement of Current Monthly Income: a. Gross Income: The statement requires the debtor to list all sources of gross income from the past six months. This includes wages, salaries, bonuses, dividends, rental income, and any income derived from self-employment or other sources. b. Deductions and Adjustments: Various deductions and adjustments can be made to the gross income, such as taxes, loans, child support payments, and other legally mandated expenses. These deductions are subtracted from the gross income to determine the debtor's current monthly income. c. Non-Consumer Debtor: In cases where the debtor is a non-consumer and primarily engaged in business activities, additional information related to the operations, revenue, expenses, and profits of the business is required to establish an accurate current monthly income figure. d. Supporting Documentation: Debtors are often required to provide supporting documents, such as pay stubs, tax returns, bank statements, and profit and loss statements, to validate the accuracy of the information presented in the statement. The Oklahoma Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is designed to facilitate transparency and fairness in bankruptcy proceedings. It helps the court evaluate a debtor's ability to repay debts, ascertain eligibility for certain bankruptcy options, and ultimately determine the best course of action for all parties involved.
Oklahoma Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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The Chapter 13 disposable income test is the court's way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Prior to approving any chapter 13 repayment plan, you must show that what you are paying is your best effort.
The "current monthly income" received by the debtor is a defined term in the Bankruptcy Code and means the average monthly income received over the six calendar months before commencement of the bankruptcy case, including regular contributions to household expenses from nondebtors and including income from the debtor's ...
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.
While no specific cash exemption is listed in the federal bankruptcy exemptions, a wildcard exemption allows you to protect up to $1,325 in any property and use up to $12,575 of any unused portion of a homestead exemption to protect money.
To qualify for Chapter 7 bankruptcy in Oregon, your household income must be less than the state's median income. For 2023, this is $64,975 for an individual and $109,713 for a family of four. Those with an annual household income lower than this will almost always qualify.
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.
If a filer qualifies for an exception to the means test, they will file Form 122A-1Supp. 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.
Even if your income is higher than the median, you still can qualify for Chapter 7 if you don't have enough money left after qualifying expenses to pay on a Chapter 13 repayment plan. Failing the more complex means test calculation isn't even the end of the chances you get.