The United States Trustee has issued an increase in the median family income used for completing Bankruptcy Forms 122A-1 and 122C-1. The increase is based on consumer price index adjustments and is effective as of today, April 1, 2020. The new table is available here.
Tag Archive: current monthly income
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New Median Family Income Table
Posted by NCBRC - April 1st, 2020
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Contributions to Retirement Plan Excluded from CMI
Posted by NCBRC - July 27th, 2015
Contributions to an employee retirement plan are to be excluded from the calculation of current monthly income rather than deducted from disposable income in the Means Test. In re Vu, No. 15-41405 (Bankr. W.D. Wash. June 16, 2015). Read More
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Strained Reading of “Derived During” Boots Chapter 7 Case
Posted by NCBRC - October 21st, 2014
The Tenth Circuit BAP interpreted the phrase “derived during” to mean that all income received during the 6-month look-back period be included in the current monthly income calculation. Based on this, the court found that the debtor was above-median and his chapter 7 case presumptively abusive under section 707(b)(2). When the debtor failed to convert to chapter 13, the bankruptcy court dismissed the case. The BAP affirmed. In re Miller, No. 14-2 (B.A.P. 10th Cir. Oct. 8, 2014). Read More
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