Current monthly income is defined as the average monthly income from all sources during the six-month period ending on the last day of the month immediately preceding the filing date of your bankruptcy case.
In other words, if you file for bankruptcy in July, your attorney will need to know your precise monthly income from January to June in order to calculate your current monthly income (CMI).
Why are you concerned about your monthly income? If your CMI is less than the median income for a household of your size in your state, your Chapter 7 bankruptcy case cannot be dismissed (i.e., cast out of court) for abuse of process. This means that in the vast majority of cases, if your CMI is below the state median for a household of your size, you are in the clear and can reasonably expect your case to proceed effortlessly.
In New York State, the median household income for all cases filed prior to March 15, 2010 is as follows:
1 individual: $46,485
2 individuals: $58,109
$69,421 for three
$48,457 for four
In New York State, the median household income for all cases filed on or after March 15, 2010 is as follows:
1 individual: $46,320
2 Persons: $57,900.00
3 Individuals: $69,174
$48,164 for four
In case you were pondering if there was a typo, the median household income in New York actually decreases after March 14, 2010 due to the state's economic situation.
Consequently, if your household income (including your spouse if you are married and living together) is less than the state median income, your case is unquestionably easier. Working with your attorney and providing all income information for the CMI period will help you determine whether your Chapter 7 bankruptcy case will be simple or complex.
" - https://www.affordablecebu.com/
