current monthly income
- current monthly income
A bankruptcy filer's total gross income averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the individual debtor qualifies for a Chapter 7 or a Chapter 13 Bankruptcy. (Bernstein's Dictionary of Bankruptcy Terminology)Under Title 11 U.S.C. Section 101:(10A) The term "current monthly income"—(A) means the average monthly income from all sources that the debtor receives (or in a joint case the debtor and the debtor's spouse receive) without regard to whether such income is taxable income, derived during the 6-month period ending on—(i) the last day of the calendar month immediately preceding the date of the commencement of the case if the debtor files the schedule of current income required by section 521 (a)(1)(B)(ii); or(ii) the date on which current income is determined by the court for purposes of this title if the debtor does not file the schedule of current income required by section 521 (a)(1)(B)(ii); and(B) includes any amount paid by any entity other than the debtor (or in a joint case the debtor and the debtor's spouse), on a regular basis for the household expenses of the debtor or the debtor's dependents (and in a joint case the debtor's spouse if not otherwise a dependent), but excludes benefits received under the Social Security Act, payments to victims of war crimes or crimes against humanity on account of their status as victims of such crimes, and payments to victims of international terrorism (as defined in section 2331 of title 18) or domestic terrorism (as defined in section 2331 of title 18) on account of their status as victims of such terrorism.
United Glossary of Bankruptcy Terms 2012.
- current monthly income
A bankruptcy filer's total gross income averaged over the six-month period immediately preceding the bankruptcy filing.
The debtor's current monthly income is used to determine whether the individual debtor qualifies for a Chapter 7 or a Chapter 13 Bankruptcy.
US Bankruptcy 2012.
Glossary of Bankruptcy.
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