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

In Washington, calculating your disposable income for Chapter 13 bankruptcy is relatively straight-forward. First, you must calculate your total monthly income from all sources, including wages, child support, unemployment benefits, Social Security payments, and other sources. Next, you must subtract all regular monthly expenses, including mortgage payments, car payments, utilities, insurance payments, child care costs, food costs, medical costs, and other expenses. What is left is your disposable income. This amount is the amount of income you have after accounting for all regular expenses required for basic living. The next step is to subtract your national and state median income from your disposable income. State median income is determined by the state of Washington and is based on the number of people in your household. National median income is determined by the U.S. Census Bureau and is based on the number of people in your household. After subtracting the national and state median income from your disposable income, you will have your modified disposable income, which is the amount of money you have left over after subtracting your expenses and the national and state median income. This modified disposable income will be the amount available to pay back your creditors in your Chapter 13 bankruptcy plan.

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

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