Wyoming Statement of Current Monthly Income for Use in Chapter 11 - Post 2005
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How to fill out Statement Of Current Monthly Income For Use In Chapter 11 - Post 2005?
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FAQ
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.
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. However, if your disposable income is more than a certain sum, you will not be able to file.
The means test form is a lot of work to complete and has a very specific and limited purpose in Chapter 13. The first function of the form is to determine the debtors' applicable commitment period and means of calculating disposable income.
Form Number: B 122A-1. Category: Means Test Forms. Effective onDecember 1, 2019. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009.
How the means test works. 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 122A-1: Chapter 7 Statement of Your Current Monthly Income. Form 122A-1 focuses on your marital and filing status, as well as your monthly income as compared to your state's median income.
The Means Test and Chapter 13 DMI is determined by subtracting some allowable expenses and deductions from a debtor's CMI. Some allowable deductions and expenses include employment taxes, mortgage payments, and health insurance.
Current monthly income (CMI) is the average income from all sources in the six months prior to filing for bankruptcy. A person's CMI determines their eligibility for Chapter 7 bankruptcy which requires a person's CMI to be below the state median or pass a multi-factored test.