This topic contains a solution. Click here to go to the answer

Author Question: The debtor's monthly income calculation is based on the average of all income sources for a period ... (Read 163 times)

neverstopbelieb

  • Hero Member
  • *****
  • Posts: 534
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?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

djpooyouma

  • Sr. Member
  • ****
  • Posts: 325
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.





 

Did you know?

Dogs have been used in studies to detect various cancers in human subjects. They have been trained to sniff breath samples from humans that were collected by having them breathe into special tubes. These people included 55 lung cancer patients, 31 breast cancer patients, and 83 cancer-free patients. The dogs detected 54 of the 55 lung cancer patients as having cancer, detected 28 of the 31 breast cancer patients, and gave only three false-positive results (detecting cancer in people who didn't have it).

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

On average, someone in the United States has a stroke about every 40 seconds. This is about 795,000 people per year.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

Bacteria have been found alive in a lake buried one half mile under ice in Antarctica.

For a complete list of videos, visit our video library