The Vermont Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a legal document filed by debtors with the bankruptcy court. It is used to determine the debtor’s ability to repay their debts over a three-to-five-year repayment plan. The statement must include the debtor’s current monthly income, all allowable expenses, and the total amount of debt. The statement is used to calculate the debtor’s monthly payment to creditors, which is referred to as the “commitment period.” There are two types of Vermont Chapter 13 Statements of Your Current Monthly Income and Calculation of Commitment Period: the Form B22A and the Form B22C. Form B22A is used for debtors who earn above the median income for their area. Form B22C is used for debtors who earn below the median income for their area. Both forms require the debtor to provide information regarding their income and expenses, such as monthly salary, unemployment benefits, Social Security, rent or mortgage payments, and non-exempt assets. The form also requires the debtor to list all creditors, the amount of each debt, and the current balance. Once all the information is provided, the court will calculate the debtor’s repayment plan and the length of the commitment period.
Vermont Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
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How to fill out Vermont Chapter 13 Statement Of Your Current Monthly Income And Calculation Of Commitment Period?
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FAQ
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 Means Test This test uses a complex formula that takes the gross income for the 6 month period above, and then subtracts out only certain allowed IRS-budgeted expenses items, and ongoing secured debt obligations.
Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.
It takes into account your income, expenses and family size to determine whether you have enough disposable income to repay your debts. Although it was designed to restrict the number of debtors who can get their debts forgiven through a Chapter 7 bankruptcy, most people who take the means test pass it easily.
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.
The Means Test This test uses a complex formula that takes the gross income for the 6 month period above, and then subtracts out only certain allowed IRS-budgeted expenses items, and ongoing secured debt obligations.
That means both taxed and untaxed income, including wages, salary, tips, bonuses, interest, dividends, royalties, retirement income, unemployment and workers' compensation, and others.
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.