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Fill in this information to identify your case Debtor 1 First Name Spouse if filing First Name Middle Name Last Name United States Bankruptcy Court for the District of District of Case number If known Check if this is an amended filing Official Form 122C-2 Chapter 13 Calculation of Your Disposable Income 12/15 To fill out this form you will need your completed copy of Chapter 13 Statement of Your Current Monthly Income and Calculation of Commitment Period Official Form 122C 1. Be as complete...

How to fill out 122c official form

How to fill out US Court Official Form 122C-2

1. Begin by obtaining US Court Official Form 122C-2 from the court's website or your attorney.
2. Enter your personal information at the top of the form, including your name, address, and case number.
3. Complete Part 1 by listing your current monthly income, including wages, salaries, and other sources of income.
4. Proceed to Part 2, where you will identify your secured debts and the corresponding monthly payments.
5. Fill out Part 3 with your current monthly expenses, ensuring to categorize them accurately.
6. In Part 4, calculate your disposable income by subtracting your total expenses from your total income.
7. Review the entire form for accuracy and completeness.
8. Sign and date the form as required before submitting it to the court.

Who needs US Court Official Form 122C-2?

1. Individuals filing for Chapter 7 bankruptcy who are required to report their financial situation and determine their eligibility for filing under the means test.

People Also Ask about bankruptcy corm 122c

Is bankruptcy means test based on gross income?

Income from all sources over the previous six months must be included as part of the Means Test calculation. That means both taxed and untaxed income, including wages, salary, tips, bonuses, interest, dividends, royalties, retirement income, unemployment and workers' compensation, and others.

How do you pass the means test for Chapter 7?

The first and most common way to pass the means test is to have a current household income that is lower than the median income for your family size. Note that this includes your whole household income, including your spouse's income, even if you are filing for bankruptcy individually.

How do you get around the means test for Chapter 7?

Expenses That Will Help You Pass the Chapter 7 Means Test House, car, and other secured debt payments. Overdue taxes. Court-ordered payments and arrearages. Child care. Involuntary deductions. Health, disability, or term life insurance. Other healthcare expenses. Education for employment or a disabled child.

How much is too much disposable income for Chapter 7?

This formula takes a look at the amount of disposable income compared to the level of unsecured debt. If the debtor's disposable income, projected for a five-year period, is more than 25 percent of the total unsecured debt, the debtor will likely be denied a Chapter 7 filing.

What is the means test for bankruptcy?

The means test compares a debtor's income for the previous six months to what he or she owes on debts. If a person has enough money coming in to gradually pay down debts, the bankruptcy judge is unlikely to allow a Chapter 7 discharge.

What are the means test exemptions for bankruptcy?

Means Test Exemptions If your debts are not primarily consumer debts then you are exempt from the means test. You are also exempt from the means test if you are a disabled veteran and incurred your debt primarily during active duty or performing a homeland defense activity.

For pdfFiller’s FAQs

What is bankruptcy means test?

The bankruptcy means test is a process used in the United States to determine whether an individual or household is eligible to file for Chapter 7 bankruptcy. It assesses the individual's income, expenses, and debt obligations to determine their ability to repay their debts. The means test first calculates the individual's average monthly income over the six months prior to filing for bankruptcy. If this income is below the median income for their state, they automatically qualify for Chapter 7 bankruptcy. If the income is above the median, further calculations are done to determine if they have enough disposable income to repay their debts. The means test deducts specific expenses from the individual's income to determine their disposable income. These deductions are based on IRS standards and local living expenses, including housing, transportation, food, and healthcare costs. The disposable income is then compared to their total unsecured debt to determine if they are eligible for Chapter 7 bankruptcy or if they have enough income to afford a Chapter 13 repayment plan. The bankruptcy means test helps prevent individuals with higher incomes from filing for Chapter 7 bankruptcy and encourages them to consider Chapter 13 bankruptcy, where they can repay a portion of their debt over a three to five year period.

Who is required to file bankruptcy means test?

Individuals who want to file for Chapter 7 bankruptcy in the United States are typically required to complete the means test. The means test is designed to determine if an individual's income is above or below the median income level for their state of residence. If their income is below the median, they qualify for Chapter 7 bankruptcy. If their income is above the median, they may still qualify, but additional calculations are necessary to determine their eligibility. The means test ensures that those who have sufficient income to repay their debts are directed towards Chapter 13 bankruptcy, which involves a repayment plan rather than liquidation of assets.

How to fill out bankruptcy means test?

Filling out the bankruptcy means test can be a complex process, but the following steps should help guide you through it: 1. Gather all necessary financial documents: Collect all relevant financial paperwork, such as pay stubs, tax returns, bank statements, and any other documents that show your income and expenses. 2. Determine your current monthly income: Calculate your average monthly income over the past six months. Include all sources of income, such as wages, self-employment income, rental income, pension, or any other regular payments. Add up the total income for the six-month period and divide it by six to get the average monthly income. 3. Compare your income to the median income for your state: Visit the U.S. Trustee Program's website (https://www.justice.gov/ust/means-testing) and find the median income for your household size and state of residence. If your income is below the median, you can qualify for Chapter 7 bankruptcy without further means testing. If your income is above the median, proceed to the next step. 4. Calculate your disposable income: Deduct your allowable monthly expenses from your average monthly income. The expenses should be reasonable and necessary, including items like housing, food, transportation, healthcare, childcare, and education. Use the Internal Revenue Service (IRS) National Standards for Allowable Living Expenses for guidance on expenses like transportation and food. Any debt payments you are legally obligated to pay can also be included. 5. Determine if you pass the means test: If your disposable income is below a certain threshold, you will qualify for Chapter 7 bankruptcy. The threshold varies based on your state and individual circumstances. If your disposable income exceeds the threshold, you may be required to file for Chapter 13 bankruptcy and repay a portion of your debts through a court-approved repayment plan. It's important to note that bankruptcy laws can be complex, and it's highly advised to consult an experienced bankruptcy attorney to guide you through the process. They can ensure accuracy and help you understand any nuances or exemptions specific to your state.

What is the purpose of bankruptcy means test?

The purpose of the bankruptcy means test is to determine whether an individual or household qualifies for Chapter 7 bankruptcy, which allows for the discharge of most debts. It is primarily used to prevent abuse of the bankruptcy system by individuals who have the ability to repay their debts. The means test analyzes the debtor's income, expenses, and household size to calculate their disposable income. If the calculated disposable income falls below the state median, the debtor is eligible for Chapter 7 bankruptcy. If it exceeds the state median, they may be required to file for Chapter 13 bankruptcy and repay a portion of their debts over a designated period.

What information must be reported on bankruptcy means test?

The following information must be reported on a bankruptcy means test: 1. Income: The means test requires information about all sources of income for the debtor and the debtor's spouse, if applicable. This includes wages, salary, tips, self-employment income, rental income, and any other sources of revenue. 2. Household Size: The means test takes into account the number of people in the debtor's household, including dependents and non-dependents. This is important as it helps determine the allowable expenses and deductions. 3. Expenses: The means test requires reporting of various monthly expenses, such as housing costs (including rent or mortgage payments), utilities, transportation expenses (such as car payments and insurance), food, clothing, healthcare expenses, childcare costs, and other necessary expenses. 4. State and Local Standards: The means test uses standardized allowances for certain expenses based on the debtor's geographical location. These allowances cover categories like housing, transportation, food, and healthcare. The debtor must report their actual expenses but may be limited to the standardized allowances in certain cases. 5. Debts and Obligations: The means test requires the debtor to report information about their secured and unsecured debts, including credit card debts, medical bills, personal loans, and any other outstanding financial obligations. This information helps calculate the overall financial situation and ability to repay debts. It is important to note that the bankruptcy means test is a complex calculation, and various factors can influence the outcome. The information reported on the means test helps determine whether a debtor qualifies for Chapter 7 bankruptcy or if they should pursue Chapter 13 bankruptcy, where a repayment plan is established. Consulting with an attorney experienced in bankruptcy laws is advisable to ensure accurate and thorough reporting.

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What is US Court Official Form 122C-2?

US Court Official Form 122C-2 is a form used in bankruptcy proceedings to determine a debtor's current monthly income and eligibility for Chapter 7 bankruptcy.

Who is required to file US Court Official Form 122C-2?

Individuals filing for Chapter 7 bankruptcy who have certain income levels are required to file Form 122C-2 to assess their eligibility for relief under the bankruptcy code.

How to fill out US Court Official Form 122C-2?

To fill out Form 122C-2, a debtor must gather information on their income sources, monthly income amounts, and complete the sections detailing disposable income calculations according to the form's instructions.

What is the purpose of US Court Official Form 122C-2?

The purpose of Form 122C-2 is to help the court evaluate a debtor's financial situation and ensure compliance with the means test stipulated in bankruptcy law.

What information must be reported on US Court Official Form 122C-2?

Form 122C-2 requires reporting information such as current monthly income, income sources, expense deductions, and any additional financial obligations that impact the debtor's disposable income.