Wisconsin 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
How Is Disposable Income Calculated? Your last six months of income divided by six to get average monthly income. If you own a business or work for yourself, you must calculate average monthly income. Any money you get from rent on an asset you own, interests, dividends or royalties.
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."
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.
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.
Can I lower the monthly payments? If your income goes down during your Chapter 13 bankruptcy and you can't make your monthly payments any longer, you can ask the bankruptcy court to reduce them.
11 U.S.C. § 1325. In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income.
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.
The Chapter 13 plan payments also begin the month you file, not when your hearing begins. To calculate your plan payment, you must essentially look at your budget. Your plan payment is what you have left after deducting your reasonable and necessary expenses from your income. We call this your disposable income.