How is disposable monthly income calculated in the means test?
How is disposable monthly income calculated in the means test?
If the debtor’s income is higher than the state median, the debtor must complete Form 22A-1 Chapter 7, 22A-2 Chapter 7 Means Test Calculation. Disposable Monthly Income (DMI) is then calculated and is based on allowances and actual expenses (see page 3) which are subtracted from a debtor’s current monthly income.
What is the first part of the means test?
The Median Income Test The first portion of the Means Test compares the debtor’s Current Monthly Income (CMI, an average of the last six months, excluding Social Security benefits) to the state median income.
What does top and bottom box reporting mean?
Top Box or Top 2 (or 3) Box Reporting Top and Bottom Box Scoring (also referred to as Top Box, Top 2 (or 3) Box Scores) is a very common way of reporting and analyzing scale questions. The top/bottom boxes are the highest and lowest ratings on a scale question.
How are top box scores used in marketing?
A popular technique used often by marketers to interpret rating scale data is the so-called “top box” and “top-two box” scoring approach. For example, on a 5-point scale, such as the one shown in Figure 1, counting the number of respondents who selected the most favorable response (“strongly agree”) fall into the top box.
If the debtor’s income is higher than the state median, the debtor must complete Form 22A-1 Chapter 7, 22A-2 Chapter 7 Means Test Calculation. Disposable Monthly Income (DMI) is then calculated and is based on allowances and actual expenses (see page 3) which are subtracted from a debtor’s current monthly income.
The Median Income Test The first portion of the Means Test compares the debtor’s Current Monthly Income (CMI, an average of the last six months, excluding Social Security benefits) to the state median income.
What is the Chapter 7 line by line means test?
Chapter 7 Line by Line means test analysis final STATEMENT OF THE U.S. TRUSTEE PROGRAM’S POSITION ON LEGAL ISSUES ARISING UNDER THE CHAPTER 7 MEANS TEST Following is a line-by-line summary of Form 22A and various recurring disposable income issues likely to arise in chapter 7 under the BAPCPA provisions of 11 U.S.C. § 707(b).
What makes you exempt from the means test?
This form determines if you’re exempt from the means test by asking questions about the kinds of debt you have and whether military service provisions apply to you. You may also be exempt from the means test requirements if more than half of the debt you owe is nonconsumer debt (typically business debt) rather than consumer debt.