How do I calculate my disposable income for Chapter 13 Bankruptcy?

When calculating your disposable income for Chapter 13 Bankruptcy in Washington, there are a few steps you should take. First, you will need to add up all of your monthly income. This should include your wages, salary, any unemployment benefits, Social Security or disability payments, spousal income, child support payments, and any other income you receive. Next, take the total monthly income and subtract out any applicable deductions. These deductions can include taxes, court-ordered payments, alimony, child support, and certain other expenses that are allowable under the Bankruptcy Code. Once you have subtracted out all of your allowable deductions, you will have your net or disposable income. This figure is what you are required to pay each month into your Chapter 13 Bankruptcy plan. It is important to remember that your disposable income is not the same as your allowable deductions. The difference between your total monthly income and your disposable income is the money that must be paid into the Chapter 13 plan. This amount must be paid for a period of three to five years, depending on your income and other factors. The calculation of your disposable income for Chapter 13 Bankruptcy can be complicated, so it is always a good idea to consult a bankruptcy attorney to help you understand the process and make sure you are making the right calculations.

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How do I calculate my disposable income for Chapter 13 Bankruptcy?

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