The Wyoming Chapter 7 Means Test Calculation is the process of calculating an individual's current monthly income (CMI) to determine their eligibility for filing for Chapter 7 bankruptcy. This test is based on the median income for a single person or family of the same size in the state of Wyoming. The Wyoming Chapter 7 Means Test Calculation involves subtracting certain allowed expenses from the CMI to determine the amount of disposable income available for creditors. There are three types of Wyoming Chapter 7 Means Test Calculation: the basic formula, the special formula, and the alternative formula. The basic formula is used when an individual’s CMI is higher than the median income for their household size. The special formula is used when an individual’s CMI is lower than the median income for their household size. The alternative formula is used when the individual is self-employed or has other unusual income or expenses.
Wyoming Chapter 7 Means Test Calculation
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How to fill out Wyoming Chapter 7 Means Test Calculation?
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FAQ
You pass the means test if your means test calculation shows a negative number or a number close to zero. This means you don't have disposable income left over after paying your monthly expenses and you're eligible to file for Chapter 7 bankruptcy relief. In rare cases, you may be exempt from the means test.
Total average monthly payment for all mortgages and other debts secured by your home. To calculate the total average monthly payment, add all amounts that are contractually due to each secured creditor in the 60 months after you file for bankruptcy. Then divide by 60.
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.
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.
To determine your Chapter 7 bankruptcy income limit, add the last six months of your gross income ? this is what you earned before taxes and other deductions were taken out.