Virgin Islands Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 - Post 2005
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How to fill out Statement Of Current Monthly Income And Disposable Income Calculation For Use In Chapter 13 - Post 2005?
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FAQ
In most cases, paying off a Chapter 13 settlement early won't work to your advantage. By doing so, you're required to repay 100 percent of the debt you owe to your creditors instead of the reduced, agreed-upon amount.
What is Disposable Personal Income? After-tax income. The amount that U.S. residents have left to spend or save after paying taxes is important not just to individuals but to the whole economy. The formula is simple: personal income minus personal current taxes.
For a Chapter 13, the ?Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period? (Form 122C-1) tells the court your average monthly income. Your income is compared to the median income for your state, which will assist in calculating your disposable income.
Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. If the debtor's current monthly income is less than the applicable state median, the plan will be for three years unless the court approves a longer period "for cause."
Other Required Payments Through a Chapter 13 Bankruptcy Plan There usually are two other payments included in the Chapter 13 bankruptcy plan. The first is the trustee's fee, which is 10% of the total amount paid into the case.
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.
To calculate your monthly payment amount in a Chapter 13 bankruptcy, calculate your income for the six months before your bankruptcy filing. Deduct allowable expenses to determine your disposable income. Pay your priority debtors and any secured debts that you want to keep after the bankruptcy.
Your disposable income is what remains after you've deducted all living expenses such as food, clothing, housing, utilities, insurance, childcare expenses, medical expenses and insurance costs and mandatory payments.