US Legal Forms
Chapter 11 Statement of Your Current Monthly Income

Chapter 11 Statement of Your Current Monthly Income

Name: Chapter 11 Statement of Your Current Monthly Income
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.74 (389 reviews)

Category:

Bankruptcy - Official - National - Means Test Forms

State:

Multi-State

Control #:

US-B-122B

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Description

Chapter 11 Statement of Your Current Monthly Income Chapter 11 Statement of Your Current Monthly Income is a document that is filed with the bankruptcy court as part of a Chapter 11 bankruptcy filing. It is a statement of a debtor's current monthly income from all sources, including wages, salary, commissions, unemployment benefits, Social Security benefits, pensions, rental income, alimony, child support, and other sources. The Chapter 11 Statement of Your Current Monthly Income must be filed within 15 days of the filing of the bankruptcy petition. There are two types of Chapter 11 Statement of Your Current Monthly Income: the Form B22A and the Form B22C. The Form B22A is for individuals filing a Chapter 11 bankruptcy, and the Form B22C is for small businesses filing a Chapter 11 bankruptcy. Both forms require detailed information about the debtor's income, including the source of the income and the amount received. The information must be accurate and complete, or the debtor may face criminal penalties.

Chapter 11 Statement of Your Current Monthly Income is a document that is filed with the bankruptcy court as part of a Chapter 11 bankruptcy filing. It is a statement of a debtor's current monthly income from all sources, including wages, salary, commissions, unemployment benefits, Social Security benefits, pensions, rental income, alimony, child support, and other sources. The Chapter 11 Statement of Your Current Monthly Income must be filed within 15 days of the filing of the bankruptcy petition. There are two types of Chapter 11 Statement of Your Current Monthly Income: the Form B22A and the Form B22C. The Form B22A is for individuals filing a Chapter 11 bankruptcy, and the Form B22C is for small businesses filing a Chapter 11 bankruptcy. Both forms require detailed information about the debtor's income, including the source of the income and the amount received. The information must be accurate and complete, or the debtor may face criminal penalties.

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Some of the monthly expenses that are listed on your Schedule J include your rent or mortgage payments, upkeep expenses on your home, utilities, food, gas, telephone, water, car maintenance, childcare, clothing, laundry, and vehicle maintenance.

Most Chapter 11 debtors receive a moratorium on the payment of most of their general unsecured debts for the period between the filing of the case and the confirmation of a plan. This period usually lasts for six to twelve months.

What Is a Proof of Claim? A proof of claim is an essential element in the bankruptcy process. It documents your right as a creditor to repayment from the debtor. A debtor's chapter 11 bankruptcy filing may significantly impact a creditor and can jeopardize its ability to handle its own financial responsibilities.

Proof of Claim means a proof of Claim Filed against any of the Debtors in the Chapter 11 Cases. Proof of Interest means a proof of Interest Filed against any of the Debtors in the Chapter 11 Cases.

A written statement filed in a bankruptcy case setting forth a creditor's claim is called a proof of claim. A proof of claim should include a copy of any documentation giving rise to the claim as well as any evidence in support of the claim, such as evidence of secured status if the claim is secured.

Providing Supporting Documentation A Proof of Claim must include any pertinent documentation, such as promissory notes, purchase orders, contracts, invoices, delivery receipts or security agreements. Other documentation might include monthly statements, pay records and ledgers.

This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.

A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

More info

You must file this form if you are an individual and are filing for bankruptcy under Chapter 11. Some of the information needed to complete these forms, such as a debtor's current monthly income, comes from the debtor's own personal records.Discussion Points for Question 2. ▫Chapter 11 Statement of Your Current Monthly. Understand the differences between Chapter 11 and Chapter 13 bankruptcy, as well as the income and debt level requirements for both. In a Chapter 7 bankruptcy, the assets of a business are liquidated to pay its creditors, with secured debts taking precedence over unsecured debts. Chapter 7: Form 22A-2, Means Test Calculation. Chapter 11: Form 22B, Statement of Your Current. 11 U.S.C.S. § 704(a)(2); see also Bankruptcy Rule 2015. To file Chapter 7 bankruptcy, your income must be low and you cannot have too much property.

Chapter 11 Statement of Your Current Monthly Income

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