This form is for post 2005 act cases.
Queens New York Statement of Current Monthly Income and Means Test Calculation for Use in Chapter 7 - Post 2005
Category:
State:
Multi-State
County:
Queens
Control #:
US-BKR-F22A
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PDF
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How to fill out Statement Of Current Monthly Income And Means Test Calculation For Use In Chapter 7 - Post 2005?
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FAQ
Certain family and household expenses might help you pass the means test for Chapter 7 bankruptcy. If your income is higher than your state's median income for a similar size household, you must complete the entire bankruptcy means test form to determine whether you qualify for Chapter 7 bankruptcy.
The means test measures several things, including: whether your income is less than your state's median income. whether you have disposable income available to pay back some or all of your debt in a Chapter 13 case, and.
The mean formula is given as the average of all the observations. It is expressed as Mean = {Sum of Observation} ÷ {Total numbers of Observations}.
To find the mean, add all of the data points together and divide by n. Example: 10 + 11 + 11 + 12 + 13 + 14 + 25 / 7 = 13.7. The mean for our data set is 14, since calculating an average number of employees makes more sense to round to the nearest whole number.
The median income information is used by the bankruptcy court when determining whether or not an individual qualifies for relief under chapter 7 of the Bankruptcy Code, and also is used in determining the applicable commitment period for payment plans filed under chapter 13.
Include all pension and retirement income, other than Social Security payments (So include all non-Social Security governmental and private retirement income, as well as from 401(k)s and IRAs of any type. Include unemployment compensation.
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.
(10A) The term current monthly income (A) means the average monthly income from all sources that the debtor receives (or in a joint case the debtor and the debtor's spouse receive) without regard to whether such income is taxable income, derived during the 6-month period ending on (i) the last day of the calendar
Your Income and the Means Test. When determining whether you qualify for Chapter 7 bankruptcy, the means test compares your average gross monthly income for the six-month period before filing to the median income of similar households in your state.
