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Texas Chapter 13 Statement of Your Current Monthly Income and...

Texas Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period

Name: Texas Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.74 (239 reviews)

Category:

Texas Bankruptcy - Official - Southern District

State:

Texas

Control #:

TX-SD-B-122C-1

Format:

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Description

Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period

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FAQ

If the debtor fails the means test, the debtor can only apply for Chapter 13 bankruptcy. The purpose of the means test is to see that if the debtor is abusing the bankruptcy system by filing Chapter 7 bankruptcy cases even though they could afford to pay at least some of their debts.

Your monthly disposable income is the minimum you'll pay to your non-priority unsecured creditors throughout the course of your Chapter 13 payment plan. Your disposable income is the amount that remains after deducting allowed living expenses and mandatory payments.

For an individual, gross income is your total pay, which is the amount of money you've earned before taxes and other items are deducted. From your gross income, subtract the income taxes you owe. The amount left represents your disposable income.

Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

When filing for Chapter 7 bankruptcy, you need to total up all of your regular monthly income and then deduct any expenses that the court requires. This will give you your disposable income.

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.

After subtracting all the allowed expenses from your ?current monthly income,? the balance is your ?disposable income.? If you have no disposable income ? your allowed expenses exceed your ?current monthly income? ? then you've passed the means test.

Take your monthly income and deduct living expenses, priority debt payments, and secured payments. The remaining amount is your disposable income. You'd are responsible to pay this amount to creditors each month.

More info

Download Form (pdf, 274. The commitment period is 5 years.Disposable income is determined under 11 U.S.C. § 1325(b)(3). 3. The commitment period is 3 years. 4. The applicable commitment period is 5 years. Disposable income is determined under § 1325(b)(3). Questions on the forms must be complete and accurate. Chapter 13 debtors are required to file a Chapter 13 Statement of Your Current. A Chapter 13 debtor must complete a plan within sixty months. Test (Official Form 122A-1Supp); or the statement of current monthly income in chapter 13 and calculation of commitment period (Official Form 122C-1).

Texas Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period

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How to fill out Texas Chapter 13 Statement Of Your Current Monthly Income And Calculation Of Commitment Period?

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