This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: The debtor's monthly income calculation is based on the average of all income sources for a period ... (Read 51 times)

neverstopbelieb

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


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
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

  • Hero Member
  • *****
  • Posts: 534
Reply #2 on: Aug 2, 2018
Thanks


djpooyouma

  • Sr. Member
  • ****
  • Posts: 325
Reply #3 on: Aug 2, 2018
Welcome :)


« previous next »
 

Did you know?

A cataract is a clouding of the eyes' natural lens. As we age, some clouding of the lens may occur. The first sign of a cataract is usually blurry vision. Although glasses and other visual aids may at first help a person with cataracts, surgery may become inevitable. Cataract surgery is very successful in restoring vision, and it is the most frequently performed surgery in the United States.

Did you know?

A recent study has found that following a diet rich in berries may slow down the aging process of the brain. This diet apparently helps to keep dopamine levels much higher than are seen in normal individuals who do not eat berries as a regular part of their diet as they enter their later years.

Did you know?

Liver spots have nothing whatsoever to do with the liver. They are a type of freckles commonly seen in older adults who have been out in the sun without sufficient sunscreen.

Did you know?

Hyperthyroidism leads to an increased rate of metabolism and affects about 1% of women but only 0.1% of men. For most people, this increased metabolic rate causes the thyroid gland to become enlarged (known as a goiter).

Did you know?

It is believed that the Incas used anesthesia. Evidence supports the theory that shamans chewed cocoa leaves and drilled holes into the heads of patients (letting evil spirits escape), spitting into the wounds they made. The mixture of cocaine, saliva, and resin numbed the site enough to allow hours of drilling.

Menstrual cycle summary based on a 28-day (average) menstrual cycle. Menstrual cycle summary based on a 28-day (average) menstrual cycle.
Upper Paleolithic stone tools include blade-based tools as seen here being produced from a blade cor Upper Paleolithic stone tools include blade-based tools as seen here being produced from a blade cor
Average Pulse Rates by Age Average Pulse Rates by Age
Effect of an Exogenous Shift in Income Effect of an Exogenous Shift in Income
Embryonic Period Embryonic Period
Consider a two-period economy with no investment opportunities: first and second period output ... Consider a two-period economy with no investment opportunities: first and second period output ...
Video: The pH scale - Strong acids and Weak acids

For a complete list of videos, visit our video library