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

To calculate your disposable income for Chapter 13 Bankruptcy in West Virginia, you will need to add up all of your monthly expenses and subtract that number from your gross monthly income. This amount is referred to as your "Current Monthly Income." Your Current Monthly Income represents the amount of money you have available each month after paying for all your expenses. Your disposable income is then calculated by subtracting your Current Monthly Income from your monthly expenses. This number will represent your disposable income. For example, if your gross monthly income is $5,000 and your monthly expenses are $3,500, your Current Monthly Income will be $1,500. Your disposable income will then be calculated as $1,500 minus your monthly expenses of $3,500, which means your disposable income is -$2,000. Your disposable income is an important factor that will determine how much you are able to pay towards your Chapter 13 Bankruptcy. This number will also be taken into account when the court assigns your payment plan. The payment plan will determine how much money you are required to pay over the course of the bankruptcy protection. It is important to note that calculations must be done accurately to ensure that the court is given an accurate representation of your finances. If calculations are not done correctly, you may risk having a payment plan that is difficult to keep up with. If you are unsure how to calculate your disposable income for your Chapter 13 Bankruptcy in West Virginia, it is recommended that you consult a qualified legal professional.

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