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Wyoming Chapter 13 Statement of Your Current Monthly Income and...

Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period

Name: Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.56 (494 reviews)

Category:

Wyoming Federal - Official - District Court - General

State:

Wyoming

Control #:

WY-BKR-122C-1

Format:

Instant download

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Description

Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period The Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a form used to document and calculate the amount of money that a debtor must pay to the bankruptcy court as part of their Chapter 13 Bankruptcy repayment plan. This form is used to provide the court with a detailed list of the debtor's current monthly income, expenses, and assets. It also includes a calculation of the debtor's commitment period, which is the length of time the debtor must make payments to the court. The Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a required part of the Chapter 13 Bankruptcy filing process, and must be submitted to the court in order for the filing to be approved. There are two types of Wyoming Chapter 13 Statements of Your Current Monthly Income and Calculation of Commitment Period: the Form B22A, which is used when the debtor's total monthly income is below the median state income; and the Form B22C, which is used when the debtor's total monthly income is above the median state income.

The Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a form used to document and calculate the amount of money that a debtor must pay to the bankruptcy court as part of their Chapter 13 Bankruptcy repayment plan. This form is used to provide the court with a detailed list of the debtor's current monthly income, expenses, and assets. It also includes a calculation of the debtor's commitment period, which is the length of time the debtor must make payments to the court. The Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period is a required part of the Chapter 13 Bankruptcy filing process, and must be submitted to the court in order for the filing to be approved. There are two types of Wyoming Chapter 13 Statements of Your Current Monthly Income and Calculation of Commitment Period: the Form B22A, which is used when the debtor's total monthly income is below the median state income; and the Form B22C, which is used when the debtor's total monthly income is above the median state income.

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FAQ

Chapter 13 allows a debtor to keep property and pay debts over time, usually three to five years.

The Minimum Percentage of Debt Repayments In A Chapter 13 Bankruptcy Is 8 To 10 Percent.

If your Chapter 13 plan payment is too high, you can sometimes get it lowered if you encounter a reduction in household income. If your income reduces, you are many times also allowed to reduce your plan payment. This is accomplished usually by filing a Motion to Modify your Chapter 13 plan.

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.

The disposable income calculation starts with your gross income. You must also be a wage earner in order to file a Chapter 13. Then, certain expenses are deducted based on an IRS deduction. The deduction is based upon a national average, taking into consideration the metropolitan area you live.

Your monthly disposable income is the minimum you'll pay to your non-priority unsecured creditors throughout the course of your Chapter 13 payment plan. Your disposable income is the amount that remains after deducting allowed living expenses and mandatory payments.

Many low-income filers have little or no nonexempt property, and no disposable income left after paying their bills and expenses. If you are in this situation, your plan can propose to pay off only your required debts, making no payments on your unsecured debt.

The chapter 13 disposable income test is the court's way of ensuring that all your disposable income is going towards repaying your debts during your repayment period. Prior to approving any chapter 13 repayment plan, you must show that what you are paying is your best effort.

More info

Download Form (pdf, 274. The commitment period is 5 years.Disposable income is determined under 11 U.S.C. § 1325(b)(3). 3. The commitment period is 3 years. 4. The applicable commitment period is 5 years. Disposable income is determined under § 1325(b)(3). Questions on the forms must be complete and accurate. Chapter 13 debtors are required to file a Chapter 13 Statement of Your Current. A Chapter 13 debtor must complete a plan within sixty months. Test (Official Form 122A-1Supp); or the statement of current monthly income in chapter 13 and calculation of commitment period (Official Form 122C-1).

Wyoming Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period

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