The West Virginia Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is an important legal document used in bankruptcy cases within the state of West Virginia. This statement is designed to determine an individual's or business's current monthly income, which is crucial for the calculation of repayment plans in Chapter 11 bankruptcy cases filed after 2005. The West Virginia Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 is used to gather financial information, provide a snapshot of an individual's or business's income, and assists in determining their ability to repay debts. By accurately assessing current monthly income, the court can establish a fair and feasible repayment plan for the debtor. Different types or variations of the West Virginia Statement of Current Monthly Income for Use in Chapter 11 — Post 2005 may include forms customized for individual filers, joint filers, or businesses. Additionally, there might be different versions of this statement for various industries or sectors to cater to specific financial circumstances. These variations help ensure that the document is tailored to meet the unique needs and requirements of various bankruptcy filers. Keywords: West Virginia, Statement of Current Monthly Income, Chapter 11, bankruptcy cases, Post 2005, legal document, repayment plans, financial information, individual filers, joint filers, businesses, customized forms, bankruptcy filers.
West Virginia Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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FAQ
If the debtor's monthly income of the past 6 months, not including the filing month, is lower than the median income in the state, the debtor has passed the means test automatically.
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.
Calculation of Current Monthly Income: To begin the means test, debtors calculate their current monthly income, which equates to twice the gross income earned in the six months leading up to the bankruptcy filing.
The U.S. bankruptcy code doesn't specify a minimum dollar amount someone must owe to make them eligible for a qualified filing. In short, any debt is enough debt. More important than the size of your debt is the size of your income. How much money you earn affects whether you qualify for Chapter 7.
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.
Form Number: B 122A-2. Category: Means Test Forms. Effective onApril 1, 2022. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
The first considers whether the filer's income is below the Chapter 7 income limit, which is the median in the state where the petition is filed. If income is less than the median for the prior six months and there is no reason to assume it will soon increase, the test is passed, and the Chapter 7 filing can proceed.