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When Filing For Chapter 7 Bankruptcy, Income Is A Consideration

When Filing For Chapter 7 Bankruptcy, Income Is A Consideration
"""People contemplating bankruptcy are confronted with an avalanche of documents they must compile so their attorney can compose their petition and schedule their filing date. Some of these documents are intended to provide complete disclosure of your income and assets, but there is one document that is fundamental to your ability to obtain relief under the United States Bankruptcy Code.

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/
 

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"When Filing For Chapter 7 Bankruptcy, Income Is A Consideration" was written by Mary under the Finance / Wealth category. It has been read 182 times and generated 1 comments. The article was created on and updated on 02 June 2023.
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