The Oklahoma Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005 is a document used in bankruptcy cases in the state of Oklahoma. Chapter 13 bankruptcy is a repayment plan that allows individuals with regular income to reorganize their debts and pay them off over a period of three to five years. The statement of current monthly income is a crucial part of the bankruptcy process as it determines a debtor's eligibility for Chapter 13 bankruptcy and helps establish the repayment plan. This statement requires debtors to disclose their average monthly income from all sources for the six months preceding the bankruptcy filing. To accurately complete the Oklahoma Statement of Current Monthly Income, individuals need to calculate their average income from various sources such as employment wages, self-employment earnings, rental income, retirement benefits, social security benefits, and any other sources of income. The debtor should include all income earned by themselves and their spouse, even if they are filing bankruptcy individually. It is important to note that certain types of income, such as child support, foster care payments, and certain federal assistance benefits, are excluded from the calculation of current monthly income in the bankruptcy process. Once the debtor calculates their current monthly income, they proceed to determine their disposable income. Disposable income refers to the amount of income left after deducting all necessary living expenses, such as housing, food, transportation, healthcare, taxes, and child support payments. The disposable income calculation helps determine how much the debtor can afford to pay towards their debts. In a Chapter 13 bankruptcy case, debtors are required to propose a repayment plan based on their disposable income, ensuring that creditors receive at least a portion of the outstanding debts. If there are different types of Oklahoma Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005, they would likely be based on specific circumstances or additional sources of income. For instance, if the debtor has irregular income or significant fluctuations in their monthly earnings, there might be specific guidelines or additional documents required to accurately determine their current monthly income and disposable income. In conclusion, the Oklahoma Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 — Post 2005 is a crucial document in the bankruptcy process. It requires debtors to disclose their average monthly income from all sources and calculate their disposable income. By providing this information, debtors can determine their eligibility for Chapter 13 bankruptcy and propose a feasible repayment plan.
Oklahoma Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 - Post 2005
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Other Required Payments Through a Chapter 13 Bankruptcy Plan There usually are two other payments included in the Chapter 13 bankruptcy plan. The first is the trustee's fee, which is 10% of the total amount paid into the case.
Your plan payment will be based on your budget. The bankruptcy court will usually approve your Chapter 13 plan even if you're paying little or nothing to your nonpriority unsecured creditors, regardless of how much disposable income you have.
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.
Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause."
Your disposable income is what remains after you've deducted all living expenses such as food, clothing, housing, utilities, insurance, childcare expenses, medical expenses and insurance costs and mandatory payments.
In most cases, paying off a Chapter 13 settlement early won't work to your advantage. By doing so, you're required to repay 100 percent of the debt you owe to your creditors instead of the reduced, agreed-upon amount.
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.
Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income.