The South Dakota Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is a legal document used in bankruptcy cases to determine a debtor's eligibility for Chapter 7 bankruptcy. This document provides a detailed breakdown of the debtor's current monthly income and expenses, allowing the bankruptcy court to assess whether the individual qualifies for Chapter 7 relief. The Means Test Calculation is an integral part of this document, which evaluates the debtor's income and compares it to the South Dakota median income. The purpose of the Means Test is to determine whether the debtor has enough disposable income to repay their debts through a Chapter 13 repayment plan or if they qualify for Chapter 7 liquidation. There are different types of South Dakota Statement of Current Monthly Income and Means Test Calculation forms based on the individual's circumstances: 1. Individual Debtor: This form is utilized by individuals filing for bankruptcy without a spouse or any additional party involved. It requires specific information on the debtor's income, expenses, and household size. 2. Joint Debtor: In situations where a married couple is filing for bankruptcy jointly, this form is completed to account for both spouses' income, household expenses, and any dependent households. 3. Amendments: If there are any significant changes in a debtor's income or expenses after filing the initial Statement of Current Monthly Income and Means Test Calculation, an amendment form must be submitted to reflect the updated financial situation accurately. It is crucial to provide accurate and detailed information in the South Dakota Statement of Current Monthly Income and Means Test Calculation, as any discrepancies may affect the debtor's eligibility for Chapter 7 bankruptcy. Failure to disclose or provide false information may result in serious penalties, including the dismissal of the bankruptcy case or potential fraud charges. Keywords: South Dakota, Statement of Current Monthly Income, Means Test Calculation, Chapter 7 bankruptcy, eligibility, legal document, expenses, income, debtor, disposable income, South Dakota median income, Chapter 13, liquidation, individual debtor, joint debtor, amendments, bankruptcy case, bankruptcy relief, financial situation, bankruptcy court, penalties, fraud charges.
South Dakota Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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How to fill out South Dakota Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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Form 122A-1. This form is called the ?Chapter 7 Statement of Your Current Monthly Income.? This document simply helps you determine whether your income is below the median income of your state. If it is below the median, you have passed the means test. That means the other two forms in this list will not apply to you.
The first considers whether the filer's income is below the Chapter 7 income limit, which is the median in the state where the petition is filed. If income is less than the median for the prior six months and there is no reason to assume it will soon increase, the test is passed, and the Chapter 7 filing can proceed.
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.
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.
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.
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.
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.
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.