The Tennessee Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is a crucial document used in bankruptcy proceedings, specifically in Chapter 11 cases in Tennessee after the year 2005. This statement plays a significant role in calculating the debtor's disposable income and determining their eligibility for Chapter 11 bankruptcy relief. The Tennessee Statement of Current Monthly Income provides a comprehensive overview of the debtor's income sources, including wages, salaries, tips, bonuses, commissions, rental income, and other means of monetary earnings. The statement separates the income into various categories and requires detailed information about each source, such as the employer's name, address, and the average monthly amount received. Additionally, the statement incorporates various deductions to arrive at the debtor's current monthly income. These deductions may include reasonable expenses necessary to produce income, such as operating expenses for rental properties or self-employment-related costs. Other deductions like taxes, child support, alimony, and certain healthcare expenses are also considered. Furthermore, specific variations of the Tennessee Statement of Current Monthly Income may exist, depending on the debtor's circumstances or the complexity of their financial situation. Some possible types that could be encountered are: 1. Basic Tennessee Statement of Current Monthly Income: This form captures the standard income types and deductions for most Chapter 11 cases. 2. Modified Tennessee Statement of Current Monthly Income: This particular form may be required when additional sources of income or deductions need to be accounted for, beyond the standard options outlined in the basic form. 3. Dependent Care Tennessee Statement of Current Monthly Income: This version specifically focuses on including any costs associated with dependent care, such as child or elderly care expenses, as allowable deductions. 4. Business Owner Tennessee Statement of Current Monthly Income: For individuals who own businesses, this variant of the form includes sections for reporting business-related income, expenses, and deductions, providing a more accurate picture of their financial situation. It is essential to accurately complete the appropriate Tennessee Statement of Current Monthly Income form based on the debtor's specific circumstances and the requirements set forth by the bankruptcy court. Filing an accurate and comprehensive statement is crucial for determining eligibility and achieving a successful outcome in a Chapter 11 bankruptcy case.
Tennessee Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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How to fill out Tennessee Statement Of Current Monthly Income For Use In Chapter 11 - Post 2005?
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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 the debtor's monthly income of the past 6 months, not including the filing month, is lower than the median income in the state, the debtor has passed the means test automatically.
Form Number: B 122A-2. Category: Means Test Forms. Effective onApril 1, 2022. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
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.
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.
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.