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Author Question: The debtor's monthly income calculation is based on the average of all income sources for a period ... (Read 161 times)

neverstopbelieb

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on: Aug 2, 2018
The debtor's monthly income calculation is based on the average of all income sources for a period of ________ complete months before filing for bankruptcy.
 
  Fill in the blank(s) with correct word

Question 2

Explain the means test calculation and how it operates in a Chapter 7 and Chapter 13 case.
 
  What will be an ideal response?


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djpooyouma

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Reply #1 on: Aug 2, 2018
Answer to Question 1

six

Answer to Question 2

There are two official forms for calculating the Means Test in a bankruptcy case. The first form is used for debtors filing for Chapter 7 and is calculated on Official Form B22A Chapter 7 Statement of Current Monthly Income and Means- Test Calculation. Completing Official Form B22A determines whether there is a presumption of abuse, no presumption of abuse, or the presumption is temporarily unavailable. The second form is Official Form B22C Chapter 13 Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income. This form must be completed by debtors filing under Chapter 13, whether by default because they do not qualify for Chapter 7 or voluntarily because it has been determined that filing for Chapter 13 will allow them to keep some of their assets. The debtor must calculate monthly income from all sources except Social Security benefits. The debtor is allowed to deduct expense amounts according to National and Local Standards. National Standards are monthly expense amounts based on nationwide figures and are considered the allowable living expenses depending on the size of the family.


neverstopbelieb

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Reply #2 on: Aug 2, 2018
Thanks


djpooyouma

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Reply #3 on: Aug 2, 2018
Welcome :)


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