Last time we began to look at the Means Test your bankruptcy attorney must prepare for your case if you are attempting to qualify for the benefits of Chapter 7 bankruptcy. A vital component to the Means Test is the calculation of your Current Monthly Income. In order to determine your Current Monthly Income (CMI), your Conroe Bankruptcy Attorney will average certain income that you (and in a joint case, your spouse) received in the six months before your bankruptcy filing.

CMI includes:

1. income from all sources, whether or not taxable, and
2. any amount paid by an entity or person other than you (or your spouse in a joint case) on a regular basis for your household expenses, your dependents, and (in a joint case) your spouse if not otherwise a dependent.

What Must Be Included?

The following types of income will be included in your Current Monthly Income. Additional items may be included depending on the circumstances of your case.

1. Gross wages (before taxes, salary, tips, bonuses, overtime, commissions
2. Income from the operation of a business, profession, or farm.
3. Rent and other real property income
4. Interest, dividends, and royalties.
5. Pension and retirement income.
6. Regular contributions to the household expenses of the debtor or the debtor’s dependents, including child or spousal support.
7. Unemployment compensation.
8. Income from all other sources.

Is Anything Excluded?

The federal Bankruptcy law excludes from your CMI “benefits received under the Social Security Act” and certain payments to victims of terrorism, war crimes, and crimes against humanity.

Get Help

Your Conroe Bankruptcy Attorney is here to help you get through the bankruptcy process and protect your rights to the fullest extent. Don’t let a mistake in calculating your Current Monthly Income or another issue harm your pursuit of debt relief. Get help today.

LoneStarBankruptcy.com provides the latest news and information on Chapter 7 and Chapter 13 bankruptcy in the Southern District of Texas. The Federal Bankruptcy Court for the Southern District of Texas covers many communities including: Houston, Spring, Conroe, The Woodlands, Montgomery County, and Harris County. If you need legal assistance with a personal bankruptcy matter speak with a local bankruptcy attorney today.

Related posts:

1. The Chapter 7 Means Test