The Tennessee Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is a legal document used in bankruptcy proceedings within the state of Tennessee. This document helps determine the eligibility of individuals or households to file for Chapter 7 bankruptcy and assesses their ability to repay debts. The Statement of Current Monthly Income is a crucial component of the means testing process, which was implemented as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It aims to identify debtors who have the means to repay a portion of their debts under Chapter 13 bankruptcy rather than completely liquidating them through Chapter 7. The means test calculation is a complex formula utilized to determine if an individual's income exceeds the state median income for a household of similar size. If the individual's income is below the median, they automatically qualify for Chapter 7 bankruptcy. However, if their income surpasses the state median, further analysis is required to assess eligibility. Different types of Tennessee Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 may include: 1. Individual Form: This form is filled out by an individual debtor providing detailed information about their monthly income and expenses, including wages, self-employment income, rental income, retirement benefits, and any other sources of revenue. 2. Joint Form: If a married couple is filing for bankruptcy together, they may need to submit a joint form, which combines their monthly income and expenses to assess their overall financial situation. 3. Self-Employed Form: Individuals who have their own business or are self-employed will need to complete an additional section on the form that captures their business income and deductible expenses. 4. Variations by County: Depending on the specific bankruptcy court in Tennessee, there may be slight variations in the format or additional requirements for completing the Statement of Current Monthly Income and Means Test Calculation. It is essential for anyone considering Chapter 7 bankruptcy in Tennessee to consult with a qualified bankruptcy attorney to accurately complete the required forms and navigate the legal process successfully.
Tennessee Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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How to fill out Tennessee Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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It does this by deducting specific monthly expenses from your "current monthly income" (your average income over the six calendar months before you file for bankruptcy) to arrive at your monthly "disposable income." The higher your disposable income, the more likely you won't be allowed to use Chapter 7 bankruptcy.
To calculate your six-month average gross income, you first need to add up your wages, salaries, and tips for the past six months. Then, divide that number by six to get your average monthly income. If you receive any income from sources other than employment, you'll need to factor that in as well.
The U.S. bankruptcy code doesn't specify a minimum dollar amount someone must owe to make them eligible for a qualified filing. In short, any debt is enough debt. More important than the size of your debt is the size of your income. How much money you earn affects whether you qualify for Chapter 7.
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.
Domestic support obligations, such as alimony or child support, and other court-ordered payments, including arrearage balances, can be deducted on the means test. The larger the arrearage balance, the more significant the benefit. Child care.
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.
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.
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.