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Simple English definitions for legal terms

current monthly income

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A quick definition of current monthly income:

Current monthly income: The amount of money a person earns on average each month from all sources in the six months before filing for bankruptcy. This determines if they are eligible for Chapter 7 bankruptcy, which requires their income to be below the state median or pass a test. However, this method may not be accurate if a person's income has recently decreased significantly.

A more thorough explanation:

Definition: Current monthly income (CMI) is the average income a person receives from all sources in the six months before filing for bankruptcy. It is used to determine a person's eligibility for Chapter 7 bankruptcy, which requires their CMI to be below the state median or pass a multi-factored test. However, this method of calculation can be misleading if a person's income has significantly decreased in the prior months.

  • John's CMI is $3,000 per month. He lives in a state where the median income is $4,000 per month, so he is eligible for Chapter 7 bankruptcy.
  • Sarah's CMI is $6,000 per month. She lives in a state where the median income is $5,000 per month, but she fails the multi-factored test and is not eligible for Chapter 7 bankruptcy.
  • Mike's CMI was $8,000 per month, but he lost his job and his income dropped to $2,000 per month in the six months before filing for bankruptcy. His CMI is still calculated as $8,000 per month, which may unfairly disqualify him from Chapter 7 bankruptcy.

The examples illustrate how CMI is used to determine a person's eligibility for Chapter 7 bankruptcy. John's CMI is below the state median, so he is eligible. Sarah's CMI is above the state median, but she fails the multi-factored test, so she is not eligible. Mike's CMI was high before he lost his job, but his current income is much lower. However, his CMI is still calculated based on his previous income, which may unfairly disqualify him from Chapter 7 bankruptcy.

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this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
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