- Instructor: Attorney Bob Schaller
- Lectures: 5
Statement of Your Current Monthly Income.
Every Chapter 7 debtor must file a statement of current monthly income. 11 U.S.C. § 521(a)(1)(B)(v). A better term for this statement would have been average monthly income. As discussed below, this statement reveals the average monthly income from all sources of income during the six full months preceding the petition date.
The current monthly income statement must be distinguished from the statement of current income constituting Schedule I that is required by 11 U.S.C. § 521(a)(1)(B)(ii), which reveals the actual monthly income as of the petition date. For example, consider a wage-earning doctor who had earned $10,000 per month for each of the six full months preceding the petition date but was fired seven days before filing the petition. That doctor would have current monthly income of $10,000 per 11 U.S.C. § 521(a)(1)(B)(v) and current income of $0 in Schedule I per 11 U.S.C. § 521(a)(1)(B)(ii).
Like other statements, Bankruptcy Rule 9009 requires a debtor to use a specific national form prescribed by the Judicial Conference of the United States when specifying the debtor’s statement of current monthly income. Bankruptcy Rule 9009(a). This rule is strictly enforced. The statement’s form may not be changed as to affect wording or the order of presenting information. Id.
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Intro and Official Form and Instruction Booklet
Part 1, Statement of Your Current Monthly Income
Part 2, Statement of Your Current Monthly Income
Part 3, Statement of Your Current Monthly Income
Tax LawThis course simplifies an otherwise difficult concept. What is the difference between current income in Schedule I and current monthly income in the Statement of Current Monthly Income. This course clarifies!