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9/13/2017Compares debtors current monthly income (CMI) to median family income for the state in which debtor lives If CMI is above median family income then means test compares 60 months of income
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What is forms form 122a-1?
Form 122A-1 is a document used for filing certain bankruptcy cases under Chapter 7, specifically for individuals to report their income and expenses.
Who is required to file forms form 122a-1?
Individuals filing for Chapter 7 bankruptcy are required to file Form 122A-1 to determine whether they qualify under the means test.
How to fill out forms form 122a-1?
To fill out Form 122A-1, individuals must provide information about their income, deductions, and household size, followed by necessary calculations to assess their eligibility for Chapter 7 bankruptcy.
What is the purpose of forms form 122a-1?
The purpose of Form 122A-1 is to evaluate whether an individual’s income is below the median income for their state, which determines their eligibility for Chapter 7 bankruptcy.
What information must be reported on forms form 122a-1?
The form requires reporting of monthly income, allowable deductions, household size, and other financial details relevant to the means test.
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