Statement of Current Monthly Income and Disposable Income Calculation for Use in Chapter 13 - Post 2005
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FAQ
Disposable income is the money you have left from your income after you pay taxes. It's calculated using the following simple formula: disposable income = personal income personal current taxes.
Do Social Security benefits count as income in a Chapter 13 bankruptcy? En espanol No. Federal law says your benefits are protected. On several occasions, Congress has made it clear that Social Security benefits are to be excluded from the financial assets used to repay creditors in a bankruptcy case.
The means test was designed to limit the use of Chapter 7 bankruptcy to those who can't pay their debts. It does this by deducting specific monthly expenses from your "current monthly income" (your average income over the six calendar months before you file for bankruptcy) to arrive at your monthly "disposable income."
Chapter 13 Eligibility Any individual, even if self-employed or operating an unincorporated business, is eligible for chapter 13 relief as long as the individual's unsecured debts are less than $394,725 and secured debts are less than $1,184,200.
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 Overall Chapter 13 Average Payment. The average payment for a Chapter 13 case overall is probably about $500 to $600 per month. This information, however, may not be very helpful for your particular situation.
During Chapter 13 repayment, debtors have a responsibility to report any changes in income to the bankruptcy trustee.Debtors who see a significant increase in their income for example, by getting a raise or taking on a second job may be asked to increase their monthly payments.
Disposable income is the amount that remains after subtracting allowed bankruptcy expenses from your monthly gross income. Your disposable income will determine whether you qualify to discharge (wipe out) debt in Chapter 7 or Chapter 13 bankruptcy.
