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Current Monthly Income


Current Monthly Income

United States Bankruptcy Code under 11 U.S.C. 101 (as effective 10/17/05) has defined a debtor's current monthly income as the average monthly income from all sources that the Debtor (and their spouse if applicable) received during the 6-month period ending on the last day of the calendar month immediately preceding the date of the commencement of the bankruptcy case.

Income includes regular contributions to household expenses from non-debtors 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). Current monthly income is used to decide whether a debtor is eligible to file Chapter 7 Bankruptcy and other bankruptcy related matters.


More Help on Current Monthly Income

  • Bankruptcy Code - The United States constitution outlined in Article I, Section 8, gave the right of Congress to establish \"uniform laws on the subject of bankruptcies.\" - read more

  • Debtor - A debtor is an entity or person who owes a debt or a service to another person or entity which can also be called a Creditor. - read more

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