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

In order to calculate your disposable income for filing Chapter 13 Bankruptcy in South Carolina, you need to utilize the Bankruptcy Means Test. This test is used to determine an individual’s income level for bankruptcy eligibility in South Carolina. Begin by taking your Average Monthly Income from the previous six months and subtracting Standard Deductions based on family size. You should also subtract any Other Regular Expenses such as health care, union dues, etc. Once you have subtracted all deductions, the result is your Current Monthly Income (CMI). Next, subtract a set of prescribed expenses from your CMI. This includes housing expenses, utility bills, food, and medical bills. Once those expenses have been accounted for, the remaining number is your disposable income. This number should be no greater than the median income for the state of South Carolina. It is important to be aware that if your disposable income is too high, you will not be eligible for Chapter 13 Bankruptcy. You should also consider consulting a bankruptcy attorney to ensure accuracy in your calculations and to discuss filing for Chapter 13 Bankruptcy.

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

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