The Washington Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is an important form used in the bankruptcy process. This document is required by individuals filing for Chapter 7 bankruptcy in Washington State to determine their eligibility for this type of debt relief. The Statement of Current Monthly Income provides a detailed breakdown of the debtor's income sources over the past six months, including wages, salary, tips, rental income, and any other sources of revenue. It also factors in income from spousal support, child support, and any government assistance received. This comprehensive analysis assists in determining the individual's current monthly income. The Means Test Calculation assesses the debtor's eligibility for Chapter 7 bankruptcy by comparing their current monthly income to the median income of similar households in Washington State. If the individual's income falls below the median, they automatically qualify for Chapter 7. However, if their income exceeds the median, their financial situation undergoes further scrutiny. Different types of Washington Statement of Current Monthly Income and Means Test Calculation may arise depending on the individual's unique circumstances. For example, those whose income exceeds the median may still qualify for Chapter 7 if they can successfully pass the means test. This test compares their monthly income, expenses, and debts to assess their disposable income and ability to repay creditors. If their disposable income is low, they may still qualify for Chapter 7 relief. It is important to accurately complete the Washington Statement of Current Monthly Income and Means Test Calculation, as any errors or omissions can have significant consequences on the individual's bankruptcy case. Hiring an experienced bankruptcy attorney to guide applicants through this process can help ensure the completion of these forms accurately and avoid potential challenges from creditors or the bankruptcy trustee. In conclusion, the Washington Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 — Post 2005 is a critical form in the Chapter 7 bankruptcy process. It helps determine an individual's eligibility for this debt relief option based on their current monthly income and means test results. By providing a comprehensive breakdown of income sources and comparing them to the median income in Washington, this form assists in determining the best course of action for individuals seeking financial relief through Chapter 7 bankruptcy.
Washington Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
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How to fill out Washington Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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To calculate your six-month average gross income, you first need to add up your wages, salaries, and tips for the past six months. Then, divide that number by six to get your average monthly income. If you receive any income from sources other than employment, you'll need to factor that in as well.
For Chapter 7 bankruptcies, the court filing fee is $338. This type of bankruptcy ? known as a liquidation bankruptcy ? is typically simpler than a Chapter 13. The filing fee for a Chapter 13 is $313.
If a filer qualifies for an exception to the means test, they will file Form 122A-1Supp. 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.
If your total monthly income over the course of the next 60 months is less than $7,475 then you pass the means test and you may file a Chapter 7 bankruptcy. If it is over $12,475 then you fail the means test and don't have the option of filing Chapter 7.
Even if your income is higher than the median, you still can qualify for Chapter 7 if you don't have enough money left after qualifying expenses to pay on a Chapter 13 repayment plan. Failing the more complex means test calculation isn't even the end of the chances you get.
The Six (6) Month Bankruptcy Lookback Those filing Chapter 7 bankruptcy cases with primarily consumer debt must ?pass? the Means Test. The Means Test starts by looking at the GROSS income received from all sources in the six (6) calendar months prior to the case filing.
Your figure should include not only your wages, but also rental income, child support, alimony, pension or other regular monthly income. Social Security income does not count.
Form 122A-1. This form is called the ?Chapter 7 Statement of Your Current Monthly Income.? This document simply helps you determine whether your income is below the median income of your state. If it is below the median, you have passed the means test. That means the other two forms in this list will not apply to you.