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If two married people are filing together both are equally responsible for being accurate. If more space is needed attach a separate sheet to this form* Include the line number to which the additional information applies. On the top of any additional pages write your name and case number if known. Part 1 Calculate Your Deductions from Your Income The Internal Revenue Service IRS issues National and Local Standards for certain expense amounts. Use these amounts to answer the questions in lines 6 ...

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Does Chapter 7 means test use gross or net income?

On the first form\u2014Chapter 7 Statement of Your Current Monthly Income (Form 122A-1)\u2014you'll list all gross income received during the six full months before your bankruptcy filing date. You'll pass the test as long as your income doesn't exceed the state median income.

Does Chapter 13 use gross or net income?

The Bankruptcy Code tells us that to determine the \u201ccurrent monthly income\u201d of a debtor, we look at the GROSS household income from ALL sources RECEIVED in the six calendar months prior to the month in which the case is filed.

What is considered income in Chapter 7?

Section 101(10A) of the Bankruptcy Code. This may include income and payments from some unexpected sources. As expected, all income from your employer is included\u2014all gross wages or salary, as well as any tips, overtime, shift differentials, and commissions, WITHOUT subtracting any tax or other deductions.

How is Chapter 7 means test calculated?

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.

What income is used for chapter 13?

In chapter 13, "disposable income" is income (other than child support payments received by the debtor) less amounts reasonably necessary for the maintenance or support of the debtor or dependents and less charitable contributions up to 15% of the debtor's gross income.

official form 122c

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What is the means test for Chapter 7?

The purpose of the means test is to see that if the debtor is abusing the bankruptcy system by filing Chapter 7 bankruptcy cases even though they could afford to pay at least some of their debts. Therefore, the means test is mainly testing the ability of the debtor to pay the creditor(s).

Is Social Security considered income in Chapter 13?

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.

How are payments determined in Chapter 13?

If your income is lower than the median income. The difference between your income on Schedule I and your expenses on Schedule J will be your Chapter 13 plan payment. Your unsecured creditors will receive a percentage of the disposable income remaining after secured and priority creditors receive payment.

What is considered income for the means test?

For the means test purposes, your current monthly income (CMI) is the average monthly income you receive from all sources during the full six-month period preceding your filing date.

What is the means test for Chapter 7 in Florida?

Under this means test, someone who wants to file for Chapter 7 bankruptcy must show an average income that is below the state's median income in order to qualify. In Florida, a one person family with an average monthly income of $3,493 or a 6-month total of $20,958 may qualify for Chapter 7.