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How Can I Calculate Disposable Income in Chapter 13 Bankruptcy?

Bankruptcy Law First, determine your regular monthly income by taking an average of the last six months of pay. Add any other forms of income, including part time jobs or fixed income payments. You do not need to include incoming child support payments. If you can't prove that you are making a regular income each month, you will be unable to file for Chapter 13

Next, list your living expenses, including mortgage or rent, groceries, insurance and utilities. Also include charitable contributions up to 15 percent of your gross income. Subtract your expenses from your regular income already determined. The result is called disposable income, which is the amount used to determine your three- or five-year repayment plan. Note that the Chapter 13 bankruptcy laws mandate that a bankruptcy judge or trustee use a specific standard to calculate disposable income. When you submit your plan after determining your income and expenses, they may adjust the plan to meet legal requirements based on allowable expenses. 

Are you thinking of filing chapter 13 bankruptcy? We can help! Make sure to speak to Jacoby & Jacoby either online or call us at 631-289-4600 to schedule a FREE consultation with one of our bankruptcy attorneys. We can review your individual situation and get you back on the right track.

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