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

In West Virginia, calculating disposable income for Chapter 13 Bankruptcy is a simple process. First, you must total the amount of your regular income for the six months prior to filing bankruptcy. This includes all your wages, salary, interest, dividends, alimony, and other income. The next step is to subtract all expenses you have incurred during the same six-month period. These include payments towards secured debts, such as your mortgage or car loan, as well as payments towards unsecured debts, such as medical bills and credit cards. You can also deduct any payments for taxes, court fees, and support payments. Additionally, you can deduct an allowance for reasonable living expenses, based on the guidelines of the National Standards and Local Standards. Once all these deductions are made, what’s left is your disposable income. This amount is the amount you can commit to paying back your creditors over the term of your Chapter 13 Bankruptcy repayment plan. This amount must be at least equal to the amount of your unsecured debt or your plan will likely be rejected. If you are filing for Chapter 13 Bankruptcy in West Virginia, it is important to accurately calculate your disposable income so that your bankruptcy repayment plan is properly structured. This amount must be as accurate as possible in order to ensure the success of your bankruptcy case.

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

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