current monthly income

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.

Игры ⚽ Поможем написать реферат

Look at other dictionaries:

  • current monthly income — As defined by the 2005 amendments to the bankruptcy law, a debtor s average monthly gross (before tax) income over the six months before the debtor files for bankruptcy. If the debtor s income has recently declined for example, because the debtor …   Law dictionary

  • income — money that is being earned by the business. Glossary of Business Terms * * * income in‧come [ˈɪŋkʌm, ˈɪn ] noun 1. [countable, uncountable] money that you earn from your job or that you receive from investments: • The family pays more than 50% of …   Financial and business terms

  • disposable income — dis·pos·able income n: income available for disposal: as a: the income remaining to an individual after deduction of taxes b: the income of a debtor in bankruptcy that is not necessary to support the debtor or the debtor s dependents Merriam… …   Law dictionary

  • median family income — An annual income figure representing the point at which there are as many families earning more than that amount as there are earning less than that amount. The Census Bureau publishes median family income figures for each state each year,… …   Law dictionary

  • Income trust — An income trust is an investment trust that holds income producing assets. The term also designates a legal entity, capital structure and ownership vehicle for certain assets or businesses. Its shares or trust units are traded on securities… …   Wikipedia

  • Current Population Survey — The Current Population Survey (CPS)[1] is a statistical survey conducted by the United States Census Bureau for the Bureau of Labor Statistics (BLS). The BLS uses the data to provide a monthly report on the Employment Situation.[2] This report… …   Wikipedia

  • Income approach — The Income Approach is one of three major groups of methodologies, called valuation approaches , used by appraisers. It is particularly common in commercial real estate appraisal and in business appraisal. The fundamental math is similar to the… …   Wikipedia

  • Current account — Net flow of goods, services, and unilateral transactions (gifts) between countries. The New York Times Financial Glossary * * * current account current account ➔ account1 * * *    A country s current account balance is the sum of the visible… …   Financial and business terms

  • current account — net flow of goods, services, and unilateral transactions (gifts) between countries. Bloomberg Financial Dictionary The part of the balance of payments which is due to trade flows. It can be broken down into visibles, which are physical goods… …   Financial and business terms

  • Income Fund — A type of mutual fund that emphasizes current income, either on a monthly or quarterly basis, as opposed to capital appreciation. Such funds hold a variety of government, municipal and corporate debt obligations, preferred stock, money market… …   Investment dictionary

Share the article and excerpts

Direct link
… Do a right-click on the link above
and select “Copy Link”